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2005 Form 1042 (Fill-In Capable). Annual Withholding Tax Return For U.S. Source Income Of Foreign
Get 2005 Form 1042 (Fill-In Capable). Annual Withholding Tax Return For U.S. Source Income Of Foreign
NTER SIDES. 2 PRINTS: HEAD TO HEAD PAPER: WHITE, WRITING, SUB. 20. INK: BLACK FLAT SIZE: 432mm (17") x 279mm (11") FOLD TO: 203mm (8") x 279mm (11") PERFORATE: ON THE FOLD DO NOT PRINT DO NOT PRINT DO NOT PRINT DO NOT PRINT Date Form 1042 Action Date O.K. to print Revised proofs requested Annual Withholding Tax Return for U.S. Source Income of Foreign Persons Department of the Treasury Internal Revenue Service Signature OMB No. 1545-0096 2005 See instructions.
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63c FAQ
A 1042-S is a year-end federal tax document given to a nonresident alien who: • Received wages exempted from federal and state tax withholding by a tax treaty; and/or • Received a non-qualified taxable scholarship (Any amounts received for incidental expenses or by a non-degree candidate are taxable scholarships.
Any U.S. source income you receive during the year that is “effectively connected” with the U.S. may be subject to non-resident withholding tax equal to the top U.S. marginal tax rate. You may be able to recover any excess U.S. withholding tax when you file the annual non-resident U.S. tax return.
Source of Income Generally, only U.S. source income is subject to NRA withholding and if an item of income is foreign source, it is not subject to NRA withholding. Refer to Nonresident Aliens-Source of Income for an explanation of U.S. source income.
What types of payments do you report on Form 1042-S? There is no minimum payment amount for filing Form 1042-S. You can pay a foreign freelancer $100 per year or $10,000 per year.
Most types of U.S. source income received by a foreign person are subject to U.S. tax of 30%. A reduced rate, including exemption, may apply if an Internal Revenue Code Section provides for a lower rate, or there is a tax treaty between the foreign person's country of residence and the United States.
Form 1042-S, Foreign Person's U.S. Source Income Subject to Withholding, is used to report amounts paid to foreign persons (including those presumed to be foreign) by a United States based institution or business.
What Pay is Subject to Withholding. Your regular pay, commissions and vacation pay. Reimbursements and other expense allowances paid under a non-accountable plan. Pensions, bonuses, commissions, gambling winnings and certain other income.
Source of Income Generally, only U.S. source income is subject to NRA withholding and if an item of income is foreign source, it is not subject to NRA withholding. Refer to Nonresident Aliens-Source of Income for an explanation of U.S. source income.
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