What is a 1042-S?

Understanding Form 1042-S

According to the IRS, form 1042-S is used to report amounts paid to foreign persons, and to report amounts withheld under Chapter 3 of the Internal Revenue Code or to report distributions of effectively connected income by a publicly traded partnership or nominee. The form is not used to report anything that can be reported on a W-2 or 1099 type form.

1042-S forms must be both mailed to the recipient and filed with the IRS by March 15th (or the next business day if March 15th is on a weekend or holiday). As a result, the downloadable version from the IRS has several copies included. Unlike other form types you do not get an extension of the due date simply by e-filing.

Form 1042-S Guidelines and Instructions

The 1042-S form is available to download via the IRS website. Before filing, we recommend scrolling through the form to understand the type of information you’ll need to complete it. Each code has its own definition and explanation, making this a straightforward filing process. The IRS also hosts a landing page for current products and recent developments in processes related to foreign person’s U.S.-sourced income. If you have additional questions, we have a great FAQ resource to assist with everything related to 1042-S forms.

Using AMS to Assist with Form 1042-S

Not only is Advanced Micro Solutions’ 1099-etc your solution for W-2 software, 1099 software, and payroll software, it is also your 1042-S forms software solution. Most software companies charge more for access to the 1042-S form, we do not. Instead, it’s included with 1099-etc at no additional charge. The form can even be printed on plain paper using our Software Generated option or filed electronically, if needed, using one of our two e-filing options: E-File Direct and E-File Services.

E-File Direct allows you to file an unlimited number of W-2, Form 1042-S, or 1099 type forms directly with the appropriate agency for a single E-file option purchase. To use E-File Direct you will need to register with the SSA and/or IRS as a transmitter.

E-File Services is through a third-party transmitter and is charged on a low per-form basis rather than being an E-file option purchase. E-File Services can also print and mail forms to the preparer or client, for an additional charge per form. To use E-File Services, you do not need to register with the SSA and/or IRS as a transmitter.

1042-S information can either be entered directly in our data entry screen (that looks identical to form itself) or imported from an external file (including delimited text files or straight from Excel using copy and paste).

Advanced Micro Solutions offers a free DEMO so that you can be sure that our software will work for you. Free Technical Support is offered Monday thru Friday from 8 AM to 6 PM central time, with extended hours in January and April.



Software Solutions from AMS

Our W-2 and 1099 Forms Filer is our only required platform. From there, users pick the services they need. Choose from the tools below to build out your customized accounting software.