Form 1042 Filing Requirements

Form 1042 is filed by individuals, corporations, and partnerships having control, receipt custody, disposal, or payment of interest, dividends, rent, salaries, etc., to the extent that such items constitute gross income from U.S. sources for nonresident alien individuals, foreign partnerships, or foreign corporations. Form 1042 also serves as a transmittal.

Form 1042 must be filed on or before March 15th of each year.

Forms 1042 are filed whether or not any tax was withheld or required to be withheld (i.e., income was exempt from withholding).

The dollar amount of withheld taxes determines the frequency of deposits. Refer to the table below for requirements for withholding payments.

If

Then

undeposited taxes of $2,000 or more at the end of any quarter-monthly period.

deposit within three banking days after the end of the quarter-monthly period. (Quarter-monthly periods end on the 7th, 15th, 22nd and last day of the month.)

undeposited taxes of $200 or more but less than $2,000 at the end of the month.

deposit by the 15th day of the following month.

undeposited taxes of less than $200 at the end of the year

deposit via FTD or remit with Form 1042 on or before March 15 in the following year of tax year.