Specific Instructions

Caution: File only one Form 1042 consolidating all Form 1042-S recipient information for both chapter 3 and 4 purposes regardless of the number of different clients, branches, divisions, or types of income for which you are the withholding agent. However, if you are acting in more than one capacity (for example, you are acting as a QI for certain designated accounts and as an NQI for other accounts), file a separate Form 1042 for each capacity in which you are acting.

A U.S. branch of a PFFI that is required to report amounts under chapter 4 must file a separate Form 1042.

Rounding off to whole dollars. You must round off cents to whole dollars. To round off amounts to the nearest dollar, drop amounts under 50 cents and increase amounts from 50 to 99 cents to the next dollar. For example, $1.39 becomes $1 and $2.50 becomes $3. If you have to add two or more amounts to figure the amount to enter on a line, include cents when adding and only round off the total.

Employer identification number (EIN). You are required to enter your EIN. If you are filing Form 1042 as a QI, WP, or WT, enter your QI-EIN, WP-EIN, or WT-EIN.

If you are, for chapter 4 purposes, a PFFI or other financial institution that has been issued a global intermediary identification number (GIIN) for chapter 4 reporting purposes, you must nevertheless get an EIN to file Form 1042 (or use your existing EIN, such as a QI-EIN in the case of a QI if filing in such capacity).

If you are a PFFI or other financial institution filing this form on behalf of a branch other than your U.S. branch, you cannot use the EIN of the U.S. branch to file this form and you must get a separate EIN to file this form on behalf of all your branches other than your U.S. branch.

If you do not have an EIN, go to IRS.gov/EIN for information on how to apply. File amended Forms 1042-S when you receive your EIN.

To get a QI-EIN, WP-EIN, or WT-EIN, submit Form SS-4, Application for Employer Identification Number , with your application for that status with the Qualified Intermediary, Withholding Foreign Partnership, Withholding Foreign Trust Application and Accounts Management System (QAAMS) at IRS.gov/QISystem . Do not send an application for a QI-EIN, WP-EIN, or WT-EIN to the addresses listed in the Instructions for Form SS-4. For questions regarding the QI application process,

If you are a QSL that is also a QI, enter your QI-EIN. Otherwise, enter the EIN you have been assigned.

6 Instructions for Form 1042 (2025)

contact the Foreign Intermediaries Program at lbi.fi.qiwpissues@irs.gov .

Address. Include the suite, room, or other unit number after the street address. If your post office does not deliver mail to the street address and you have a P.O. box, show the box number instead of the street address. Enter the country code from the list at IRS.gov/CountryCodes .

Chapter 3 and 4 status codes of withholding agent. Enter your chapter 3 and chapter 4 status codes from the list of “Type of Recipient, Withholding Agent, Payer, or Intermediary Code” on Form 1042-S. You must enter both a chapter 3 and a chapter 4 withholding agent status code regardless of the type of payment being made. See pages 2 and 3 of these Form 1042 instructions for definitions of intermediary, qualified intermediary (QI), withholding foreign partnership (WP), withholding foreign trust (WT), nonqualified intermediary (NQI), qualified securities lender (QSL), participating FFI (PFFI), and registered deemed-compliant FFI (RDCFFI). See the Form 1042-S instructions for definitions of U.S. branch of a PFFI or RDCFFI treated as a U.S. person, territory financial institution (FI) treated as a U.S. person, and flow-through entity.

Caution: Withholding agents should use the applicable code that is most specific to your status (for example, chapter 3 status code 12 (qualified intermediary)).

Withholding agents are to use specified chapter 4 status codes on Forms 1042-S for payments made. See the 2025 Instructions for Form 1042-S . A U.S. financial institution should continue to use its own withholding agent chapter 4 status code (code 01) for purposes of completing Form 1042 if there are any payments made by the U.S. home office reflected on the form. Otherwise, use chapter 4 status code 50 (U.S. withholding agent—foreign branch of FI) unless a more specific status code applies (for example, chapter 4 status code 07 (registered deemed-compliant FFI—reporting Model 1 FFI)).

A QI that is a QDD should use the withholding agent chapter 3 status code for a QI (code 12) for purposes of filing its Form 1042, regardless of the types of payments it made for the calendar year. However, a QI that is a QDD should use the withholding agent chapter 3 status code for a QDD (code 35) for purposes of reporting on Form 1042-S a payment that it made in its capacity as a QDD.