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1042-S

Processing and Filing Corrected 1042-S Returns

The information for those recipients included in an original 1042-S data file is placed in corrections mode after the original 1042-S data file is created. Complete the following to correct the information reported on an original 1042-S return:
  1. Correct the 1042-S print information.
  2. Correct the 1042-S filing information.
  3. Prepare a corrected 1042-S data file.
  4. Download the corrected 1042-S data file for filing through the IRS' FIRE system.
note
ONESOURCE Trust Tax does not file 1042-S data files for you.
Since the corrections process for 1042-S returns allows you to correct the 1042-S filing information, account processing is not required. This means that if you correct the source data and reprocess the 1042-S tax return, then only the 1042-S print information is corrected.

Correcting 1042-S Print Information

Correcting the 1042-S print information includes marking the Form 1042-S as amended, correcting the source data then reprocessing the 1042-S tax return. Marking the Form 1042-S as amended checks the AMENDED box and prints the amended date on the Form 1042-S.
note
You must mark the Form 1042-S as amended. Even though you are in corrections mode, ONESOURCE Trust Tax does not automatically set the account to amended after a change is made to the source data.
To correct 1042-S print information:
  1. Complete the following to mark the Form 1042-S as amended:
    1. Access the
      Form 1042-S Recipient Information
       collapsible section on the Recipient Detail page for the recipient you need to process an amended Form 1042-S for.
    2. Select
      Amended
       from the
      Type of 1042-S (for printed form only)
       drop-down list.
    3. Enter the amended date you want to print on the amended form in the
      Date of 1042-S (for printed form only)
       field.
    4. Enter a one digit numeric value in the
      Amendment Number (use when Type is set to Amended)
       field.
    5. Select
      Save
      .
  3. Correct the source data. This includes the basic recipient information, recipient income information, withholding agent information, and NQI or payer information.
  4. Process the 1042-S tax return.

Correcting 1042-S Filing Information

Correcting the original 1042-S filing information may consist of correcting an existing recipient or adding a recipient. These tasks are completed by accessing the Form 1042-S NQI and Filing Information page in the account binder.
Correcting 1042-S Filing Information for an Existing Recipient
To correct the 1042-S filing information for an existing recipient:
  1. Open the account.
  2. Select the
    Recipients
     main topic then the
    Form 1042-S NQI and Filing Information
     subtopic.
  3. Select the recipient's
    Taxpayer ID
     link under the
    Recipient Summary
     collapsible section.
  4. The Form 1042-S Filing Detail page displays and shows the original 1042-S filing data for the recipient. Changing the information on this page turns the background of the changed field to yellow to indicate the information was corrected, and creates corrections records.
  5. Use the
    Recipient Information
     collapsible section to correct basic recipient information.
  6. The date and time the original IRS data file was created is displayed in the
    Date Recipient Last Filed
     field. After you save your corrections, the date is cleared until the next 1042-S data file is prepared. You cannot correct the information in the
    Withholding Agent Information
     collapsible section after the initial return is filed. This includes making changes to the withholding agent the account should be filed under.
  7. Use the
    NQI and Payer Information
     section to correct NQI or payer information. After the initial return
  8. Use the
    1042-S Income Information
     collapsible section to correct the recipient's income information. If you need to add income information, enter the information in the row that includes the text, "Please select here to add new row," then press TAB until the income item is added to the grid.
  9. After saving your corrections, the
    Return Type
     column indicates that the income will be included in a corrected 1042-S data file. The
    Return Type
     column is the last column in the grid.
  10. Select
    Save
    .
Adding a New NRA Recipient after a 1042-S Filing Was Filed with the IRS
To add a new NRA recipient after a 1042-S filing was filed with the IRS:
  1. Add the NRA recipient to the account.
  2. Add the NRA recipient to the 1042-S filing information by completing the following:
    1. Access the 1042-S NQI and Filing Information page by selecting the
      Recipients
       main topic then the
      Form 1042-S NQI and Filing Information
       subtopic.
    2. Under the
      Recipient Summary
       collapsible section, select the NRA recipient you want to add from the
      Add 1042-S Recipient
       drop-down list.
    3. Select
      Add
      . The new NRA recipient is now listed in the grid under the Recipient Summary collapsible section, and the selection in the
      Add 1042-S Recipient
       drop-down list is
      ADDED AFTER 1042-S FILING
      .
  4. Add the 1042-S filing information for the new NRA recipient by selecting the
    Taxpayer ID
     link. When you finish adding the information, select
    Save
    .

Preparing a Corrected 1042-S Data File

To submit the request to prepare a corrected 1042-S data file:
  1. Select
    HOME
    ,
    Admin
     then
    Prepare 1042-S
    .
  2. Review the fields under the
    Filing Summary
     collapsible section to ensure they are correct. The
    Total Recipient Records
     field shows the total number of income records for all recipients (Q records in the 1042-S data file), not the total number of recipients. If the
    Original Summary Information
     fields show totals but you do not want to create an original 1042-S data file at this time, clear the
    File Original
     check box.
  3. Select
    Submit Request
    . Your request to prepare the corrected 1042-S data file is submitted.
  4. After the corrected 1042-S data file is created, it is available for download in the
    Folder: Electronic Filing-1042-S Filing Review
     category on the Documents and Data Files page.

Downloading a Corrected 1042-S Data File for Filing through the IRS' FIRE System

To download a corrected 1042-S data file for filing through the IRS' FIRE system:
  1. Select
    HOME
    ,
    Admin
     then
    Documents and Data Files
    .
  2. Open the
    Folder: Electronic Filing-1042-S Filing Review
     category for the tax year.
  3. Select the
    File Name
     link for the 1042-S data file you want to download. An informational message displays.
  4. Select OK. A message asking if you want to open or save the file displays.
  5. Select the down arrow to the right of
    Save
     then
    Save as
    . The Save As window displays and allows you to save the file where you want to save it and with the file name you want to save it as. You are responsible for electronically filing the corrected 1042-S data file through the IRS' FIRE system. ONESOURCE Trust Tax does not file 1042-S data files for you.

This article applies to:

  • Product: ONESOURCE Trust Tax