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Section 1: Record of Federal Tax Liability
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Lines 1 - 60
Enter the withholding agent's federal tax liability owed for each quarter-monthly period when the income was paid or collected under Chapter 3 or 4.
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Line 61
Enter the number of Forms 1042-S filed on paper and electronically.
- If your LLC is a Disregarded entity, you must check the box ‘Individual/sole proprietor or single-member LLC’.
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If your LLC is treated as a Partnership or Corporation, you must check the box ‘Limited liability company’ and enter the corresponding code to indicate the classification.
- C = C Corporation,
- S = S Corporation,
- P = Partnership
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Line 62
Enter the amounts from all Forms 1042-S and include amounts from all Forms 1000.
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Line 62a
Enter the total of all amounts in box 2 of Form 1042-S that represent payments of U.S. source Fixed, Determinable, Annual, Periodical (FDAP) income.
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Line 62b
The amount on:
- Line 62b(1) should equal the sum of all amounts shown in box 2 of Form 1042-S that are U.S. source substitute dividend payments and
- The amount shown on line 62b(2) should equal all amounts shown in box 2 of Form 1042-S that are U.S. source substitute payments other than substitute dividend payments.
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Line 62c
Enter the total of all U.S. source FDAP income amounts in box 2 of Form 1042-S and all gross interest amounts reported on Form 1000.
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Line 62d
Enter the gross amounts of U.S. source FDAP income from Forms 1000 and 1042-S if they differ from the totals reported on both forms.
Total Tax Reported as Withheld or Paid
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Line 63a
Enter the amounts withheld by the withholding agent before any adjustments are reported on lines 63c(1) and 63c(2).
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Line 63c(1)
Enter the amounts you repaid to the beneficial owner or payee in the year after the calendar year due to over-withholding. Report these amounts as a deduction on line 59, reducing the tax liability.
The total on line 63c(1) should match the sum of all amounts reported in box 9 of the corresponding
Forms 1042-S. -
Line 63c(2)
Report on line 63c(2) the amounts withheld in the year after underwithholding, from future payments to a beneficial owner or from property or contributions you control. Also, include any other amounts withheld in the year after the related payments were made, as allowed under applicable regulations in Chapter 3 or 4.
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Line 63d
Report on line 63d the amounts paid by the withholding agent from their own funds instead of withholding from the recipient’s payment. This amount should match the total of all amounts in box 11 of Forms 1042-S sent to recipients.
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Line 63e
Enter the total tax withheld or paid. The amount on line 63e should equal the sum of lines 63a through 63d.
Computation of Tax Due or Overpayment
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Line 64a
Enter any adjustments to the total net tax liability on line 64a. For example, include adjustments when:
- A distributing corporation made a reasonable estimate of accumulated and current earnings and profits under the Regulations section.
- A distributing corporation or intermediary paid any underwithheld tax by March 17, 2025.
Do not include the amount on line 64a in the Record of Federal Tax Liability (lines 1–60).
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Line 64b and 64c
Enter the total from the Record of Federal Tax Liability (sum of lines 5, 10, 15, 20, 25, 30, 35, 40, 45, 50, 55, and 60) for Chapter 3 (line 64b) liability. On line 64c, enter the total for Chapter 4 liability.
Do not include amounts from lines 64a and 64d, and do not make any other adjustments.
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Line 64d
Enter the amounts from the Record of Federal Tax Liability related to liability for specified federal procurement payments under section 5000C.
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Line 64e
The amount on line 64e should be the total of lines 64a through 64d.
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Line 65
Enter the total tax deposits made for the year, including payments with a filing extension.
- On line 65a, report deposits of tax withheld in the same calendar year as the related payment.
- On line 65b, report deposits of tax withheld in the following year, if allowed under applicable regulations in Chapter 3 or 4.
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Line 66
Enter any overpayment reported on the 2024 Form 1042 that you are applying as a credit on Form 1042 for 2025.
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Line 67
Claim a credit for amounts withheld by other withholding agents that apply to the total net tax liability on lines
64b and 64c. -
Line 70a and 70b
Enter any overpayment from payments subject to withholding under Chapters 3 and 4 (70a). Enter any overpayment from payments subject to the excise tax on specified federal procurement payments (70b).
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Line 71a
You may claim an overpayment (the sum of lines 70a and 70b) as a refund or a credit.
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Lines 71b through 71d
If you choose to have the refund directly deposited into your checking or savings account at any U.S. bank or other financial institution instead of having a check sent to you, complete lines 71b through 71d.
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Line 71b
The routing number must be nine digits.
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Line 71c
Check the appropriate box for the type of account. Do not check more than one box. If unknown, leave blank.
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Line 71d
The account number can be up to 17 characters (both numbers and letters). Include hyphens but omit spaces and special symbols. Enter the number from left to right and leave any unused boxes blank.
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Section 4: Payments by a Qualified Derivatives Dealer (QDD)
If a QI (including any branch or home office) was a QDD during the tax year, enter the regular EIN (not the QI-EIN) and attach Schedule(s) Q (Form 1042) for each QDD. This is required even if the QDD has zero tax liability.
If the QI's tax year is not the calendar year, two Schedules Q (Form 1042) must be filed for each QDD - one for the part of the year in the first tax year and another for the second tax year.
