Form 1042 / Form 1042-S Withholding on U.S. Source Income

Form 1042, Annual Withholding Tax Return for U.S. Source Income of Foreign Persons, is the annual tax return filed by withholding agents to report withholding tax liability and tax withheld on U.S. source income paid to certain nonresident aliens, foreign partnerships and foreign corporations. In addition, with respect to foreign persons who hold interests in publicly traded partnerships (PTPs), these forms are used to report section 1446(a) withholding by PTPs on distributions of effectively connected taxable income and section 1446(f) withholding on the dispositions of interests in PTPs engaged in a U.S. trade or business.

Form 1042-S , Foreign Person's U.S. Source Income Subject to Withholding, is filed to report foreign person’s U.S. income subject to withholding and withholding tax liability.