IRS Form 1042-S has a couple of clear purposes for small businesses. You must submit the form to report:
- Amounts paid to foreign persons
- Amounts withheld under Chapter 3 of the Internal Revenue Code
- 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. All of your 1042-S forms must be both mailed to the recipient and filed with the IRS by:
- March 15
- The next business day if March 15 is on a weekend or holiday
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 electronically filing the form. The good news is, Advanced Micro Solutions’ 1042-S Filer simplifies and expedites the entire process.
What are the Form 1042-S Guidelines and Instructions?
The 1042-S form is available to download via the IRS website. Before filing, we recommend that you scroll through the form to understand the type of information that you will need to submit the form.
Each code has its own definition and explanation, which helps make it 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.
Using AMS to Complete Form 1042-S
Our software can wear many hats. Along with acting as a 1042-S forms software solution, it can provide form filers with:
- W-2 software
- 1099 software
- Payroll software
Most software companies charge more for access to the 1042-S form. We do not. Instead, it is included at no additional charge. The form can be printed on plain paper using our Software Generated Forms option or filed electronically, if needed. Use one of our two e-filing options: E-File Direct or E-File Services.
E-File Direct allows/requires you to …
- File an unlimited number of W-2, Form 1042-S, or 1099 type forms directly with the appropriate agency
- Make a single e-file option purchase
- Register with the SSA and/or IRS as a transmitter
E-File Services is/does …
- Through a third-party transmitter
- Charged on a low per-form basis rather than being an e-file option purchase
- Capable of printing and mailing forms to the preparer or client for an additional charge per form
- Not require you to register with the SSA and/or IRS as a transmitter
Enter 1042-S information directly in our data entry screen (that looks identical to form itself) or import it from an external file, like delimited text files or straight from Excel by copy and paste.
People Also Ask
- What are the important 1042-S vs W-2 differences? – Employers can use both Form 1042-S and Form W-2 to report wages. Keep in mind that you will sometimes choose one over the other. Your filing requirements will depend on the employees’ statuses.
- What happens if you file a W-2 late and how can you avoid it? – The best ways to avoid incurring costly penalties are by taking several steps, including: using automated payroll software, centralizing how you store data, and reconciling payroll on a quarterly basis.
We offer users a free demo software so you can be sure that our software will work for you. Free technical support is offered Monday-Friday from 8am to 6pm CT, with extended hours during January and April.
This article was updated on May 8, 2026 to keep its information as fresh as possible. We update this article every six months, before and after tax season, to keep current with any changes.