At the end of each year, every person that earns income in the US has to file a personal income tax return with the Internal Revenue Service (IRS), filing his or her wages earned during that calendar year. There are two documents generated pertaining to yearly gross earned income and the taxes paid on that money throughout the year; these are the W-2 and the 1042-S.
The W-2 form reports all taxable wages received from Boston University during the calendar year and the taxes withheld from those wages. If you are going to receive a W-2, it will be mailed to you by January 31st of each year.
The 1042-S is a year-end tax document given to Non-Resident Aliens who received wages or scholarships in the following ways:
- wages in which there was no tax withheld due to the claiming of a tax treaty
- received a non-qualified scholarship /stipend
- students who received scholarships in excess of tuition and required fees credited directly to their student account. IRS regulations state that these amounts be reported on the 1042-S form and taxed at the rate of 14%. To meet these IRS requirements Boston University has paid this tax for the students, reported it in their names and will place a charge on their student account in order to collect the monies paid on behalf of the students. Each of these students will receive a 1042-S reporting the amount of excess scholarship or taxable portion received and the taxes owed on that amount.
In certain cases a Non-resident alien may receive multiple 1042-S forms pertaining to the different types of income earned. Some Non-resident aliens will only receive a 1042-S and others will receive both a 1042-S and a W-2, in this case your treaty exempt wages will be reported on the 1042-S form and your taxable non-treaty exempt wages will be reported on your W-2 form. You will receive your 1042-S form no later than March 15th.
Please make sure that you notify the Payroll Office before January 1st of any address changes that take place in order to ensure you receive your appropriate tax documents.
Please do not file your personal income tax return until you have received all of the tax documents you will be receiving. If you are unsure if you will be receiving a tax document, contact the Payroll Office at 617-353-2270.
If you feel that there is an error on your W-2 and/or 1042-S please contact the Payroll Office as soon as possible to make the correct adjustments.
Please email firstname.lastname@example.org to request duplicate copies of your W-2 or 1042-S forms.
For additional information please refer to the IRS Publications 515 and 970.