Understanding your 1042-S

Due to the new withholding and reporting obligations under Chapter 4 of the Foreign Account Tax Compliance Act (FATCA), Form 1042-S underwent substantial changes in 2014. The changes are designed to accommodate reporting of information relating to both Internal Revenue Code Chapter 3 withholding at source on payment to non-U.S. individuals and Chapter 4 FATCA information and reporting.

Form 1042-S (Foreign Person’s U.S. Source Income Subject to Withholding):

2017 1042

The form must be issued by Boston University to both the Internal Revenue Service (IRS) and the nonresident alien no later than March 15.

Explanation of Boxes