Step-by-Step Form 1042-T Instructions

Form 1042-T, Annual Summary and Transmittal of Forms 1042-S, is a transmittal document that functions as a cover sheet for paper copies of Form 1042-S, Foreign Person’s U.S. Source Income Subject to Withholding. When a withholding agent files by mail, Form 1042-T is sent to the Internal Revenue Service (IRS) to summarize the accompanying documents. It consolidates the total number of forms being sent and the aggregate amount of federal income tax withheld.

Filing Requirements for Form 1042-T

Any withholding agent who submits one or more paper Forms 1042-S to the IRS must file Form 1042-T. A withholding agent is any U.S. or foreign person or entity with control over income paid to a foreign person that is subject to withholding. This includes businesses, educational institutions, and financial firms making payments like interest, dividends, royalties, or compensation to non-U.S. individuals or entities.

Both Form 1042-S and the transmittal Form 1042-T must be filed with the IRS by March 15 of the year after the income was paid. For payments made during the 2024 calendar year, the filing deadline is March 17, 2025.

Information Needed to Complete Form 1042-T

A filer must have the withholding agent’s full name, address, and Employer Identification Number (EIN). Depending on the filer’s status, a specific type of EIN may be necessary, such as a Qualified Intermediary (QI-EIN), Withholding Foreign Partnership (WP-EIN), or Withholding Foreign Trust (WT-EIN). This identifying information must match what is reported on the related Form 1042 and Forms 1042-S.

Filers must also calculate two totals for the transmittal form. The first is the total number of individual paper Forms 1042-S being sent. The second is the total amount of U.S. federal income tax withheld, which is the sum of the amounts from all accompanying Forms 1042-S.

Step-by-Step Guide to Filling Out Form 1042-T

After entering the withholding agent’s information at the top of the form, the first step is to check Box 1a. You must designate whether the transmittal is for forms subject to chapter 3 or chapter 4 withholding, as a separate Form 1042-T is required for each. A separate form is also required for each type of Form 1042-S, such as original versus amended.

Next, complete the numbered boxes. Enter the total count of paper Forms 1042-S in Box 1d and the total gross income in Box 2. Based on the chapter designation from Box 1a, enter the total federal tax withheld in either Box 3a for chapter 4 or Box 3b for chapter 3.

An authorized individual must sign, date, and provide their title and a daytime phone number in the signature area. The signature affirms that the information provided is true, correct, and complete under penalties of perjury.

Submitting Form 1042-T and Accompanying Documents

To assemble the filing package, place the completed Form 1042-T on top of the stack of all associated Copy A versions of Form 1042-S. The documents should be mailed flat and must not be stapled together.

The package should be mailed to the address specified in the current IRS instructions for the form. As of the latest guidance, the address is Ogden Service Center, P.O. Box 409101, Ogden, UT 84409. Always verify the mailing address in the official instructions to prevent misdelivery.

Form 1042-T is only for paper submissions and is not used when filing electronically. Withholding agents who file 10 or more information returns in a calendar year must file electronically through a system like the IRS’s Filing Information Returns Electronically (FIRE). Some filers, including all financial institutions and partnerships with more than 100 partners, are required to file electronically regardless of the number of returns.