1042-S 2020

IRS Release Status: FINAL

Sample Excel Import File: 1042-S Sample Excel Import TY2020.xls

What's New for 2020

Box 3b/4b - tax rates - Revised backup withholding rate under section 3406 (24%) has been added to Valid Tax Rate Table.
Boxes 12b, 12c, 13f, 13g, 15b, 15c, 16d, and 16e (Chapter 3 Status Code)
- Deleted: Chapter 3 Status Codes: 01 (U.S. Withholding Agent - FI), 02 (U.S. Withholding Agent - Other), 34 (U.S. Withholding Agent - Foreign branch of FI)
- Added: Chapter 3 Status Codes: 36 (Foreign Government - Integral Part), 37 (Foreign Government - Controlled Entity)
- Updated: Chapter 3 Status Code: 19 is updated from “Government or International Organization” to “International Organization.”
Box 12f - country code - If the withholding agent is a U.S. person or a foreign branch of a U.S. person, filers are now permitted to enter “US” in box 12f even though "US" is not a code on the list IRS.gov/CountryCodes

Import Form Fields:

Field Name	Size	Type	Description	Notes
See Form Filer Common Fields			Filer fields common to all form types.
See Recipient Common Fields			Recipient fields common to all form types.
Unique Form ID	10	Numeric	Unique Form Identifier	A withholding agent must provide a unique form identifier number on each Form 1042-S that it files in the box provided at the top of the form. The unique form identifier must: Be numeric (for example, 1234567891), Be exactly 10 digits, and Not be the recipient's U.S. or foreign TIN. The 1042-S software will auto-assign Unique Form Identifiers if they are not included in the import file.
Box 1 Code	2	Text	Box 1: Income Code	See IRS instructions
Box 2 Amount	12	Amount	Box 2: Gross Income
Box 3 Chap 3 Chk	1	Checkbox	Chapter 3 Indicator	X / Y / T / 1 = Checked
Box 3a Exempt Code	2	Text	Box 3a: Chapter 3 Exemption Code	See IRS instructions
Box 3b Tax Rate	4	Numeric	Box 3b: Chapter 3 Tax Rate	Tax Rate as a two-digit whole number and two-digit decimal
Box 4 Chap 4 Chk	1	Checkbox	Chapter 4 Indicator	X / Y / T / 1 = Checked
Box 4a Exempt Code	2	Text	Box 4a: Chapter 4 Exemption Code	See IRS instructions
Box 4b Tax Rate	4	Numeric	Box 4b: Chapter 4 Tax Rate	Tax Rate as a two-digit whole number and two-digit decimal
Box 5 Amount	12	Amount	Box 5: Withholding Allowance
Box 6 Amount	12	Amount	Box 6: Net Income
Box 7 Amount	12	Amount	Box 7: Federal Tax Withheld
Not Escrow Checkbox	1	Checkbox	Box 7b: Check if tax not deposited with IRS pursuant to escrow procedure	X / Y / T / 1 = Checked
Box 7c Check	1	Checkbox	Box 7c: Withholding occurred in subsequent year for a partnership interest	X / Y / T / 1 = Checked
Box 8 Amount	12	Amount	Box 8: Tax withheld by other agents
Box 9 Amount	12	Amount	Box 9: Overwithheld tax repaid to recipient pursuant to adjustment procedures (see instructions)
Box 11 Amount	12	Amount	Box 11: Tax paid by Withholding Agent
WHA Ch3 Status	2	Text	Box 12b: Withholding Agent's Chapter 3 Status Code	See IRS instructions
WHA Ch4 Status	2	Text	Box 12c: Withholding Agent's Chapter 4 Status Code	See IRS instructions
Rcp Tax Country Name	12	Text	Box 13b: Recipient's Country Name	See IRS instructions
Box 13e TIN	11	Number	Box 13e: Recipient's U.S. TIN, if any
Rcp Ch3 Status	2	Text	Box 13f: Recipient Chapter 3 status code	See IRS instructions
Rcp Ch4 Status	2	Text	Box 13g: Recipient Chapter 4 status code	See IRS instructions
Box 14a Primary Name	40	Text	Box 14a: Primary Withholding Agent's Name (if applicable)
Box 14b Primary EIN	11	Number	Primary Withholding Agent's EIN
Box 14b Primary Type	1	Character	Box 14b: Primary Type	Character EIN=1, SSN=2, Unknown type=0 or blank
Pro-rata Basis Chkbx	1	Checkbox	Box 15 Checkbox: Pro-rata Basis Chkbx	X / Y / T / 1 = Checked. Pro-rata Reporting. See IRS instructions
Box 15a I/FTE EIN	11	Number	Box 15a TIN: Intermediary flow-through's EIN	Intermediary or flow-through TIN if known or blank if unknown
Box 15b I/FTE Ch3	2	Text	Box 15b Code: Intermediary’s or FTE’s Chapter 3 Status Code	See IRS instructions
Box 15c I/FTE Ch4	2	Text	Box 15c Code: Intermediary’s or FTE’s Chapter 4 Status Code	See IRS instructions
Box 15d I/FTE Name 1	40	Text	Box 15d Name: Intermediary/Flow-Through's Name
Box 15e I/FTE GIIN	19	Text	Box 15e GIIN: Intermediary or FTE GIIN	Global Intermediary identification Number (GIIN)
Box 15f Country Name	12	Text	Box 15f: NQI/FLW-THR/PTP Country Name	See IRS instructions
Box 15g Foreign TIN	22	Text	Box 15g TIN: Recipient’s Foreign Tax I.D. Number
Box 15h I/FTE Addr 1	40	Text	Box 15h Address: NQI/FLW-THR/PTP Address Line-1
Box 15h I/FTE Addr 2	40	Text	NQI/FLW-THR/PTP Address Line-2
Box 15d I/FTE Name 2	40	Text	Box 15d Name 2: Intermediary/Flow-Through's Name
Box 15d I/FTE Name 3	40	Text	Box 15d Name 3: Intermediary/Flow-Through's Name
Box 15i I/FTE City	40	Text	Box 15i City: Intermediary/Flow-Through's City
Box 15i State/Prov	2	Character	Box 15i State/Prov: Intermediary/Flow-Through's US State or province
Box 15i Zip/Postal	10	Character	Box 15i Zip/Postal: Intermediary/Flow-Through's Zip/Postal
Box 16a Payer's Name	40	Text	Box 16a Name: Payer's Name
Box 16b Payer's TIN	11	Text	Box 16b TIN: Payer's TIN
Box 16c Payer's GIIN	19	Text	Box 16c GIIN: Payer's GIIN
Box 16d Payer's Ch3	2	Text	Box 16d Code: Payer's Chapter 3 Status Code	See IRS instructions
Box 16e Payer's Ch4	2	Text	Box 16e Code: Payer's Chapter 4 Status Code	See IRS instructions
Box 17a Amount	12	Amount	Box 17a Amount: State income tax withheld
Box 17b State Tax No.	10	Text	Box 17b: Payer's State Tax Number
Box 17c State	2	Text	Box 17c: Payer's US State/Canadian province	See IRS instructions
See Form Common Fields			Form fields common to all form types.

IRS Release Status: FINAL

Sample Excel Import File: 1042-S Sample Excel Import TY2020.xls

Import Form Fields:

1042-S Form:

IRS 1042-S Form: 1042-S 2020 Form

IRS 1042-S Instructions: 1042-S 2020 Instructions

1042-S Correction of a Correction Walk Through Guidebook PDF download