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This article applies to:

  • Product: ONESOURCE Trust Tax

Processing a Revised Form 1042-S

ONESOURCE Trust Tax allows you to amend and re-issue a Form 1042-S to a recipient as long as the Form 1042-S has not been filed with the IRS for the tax year. The amended and re-issued form is referred to as a revised Form 1042-S. The word, REVISED, and the revision date are printed at the bottom of the recipient's copy of the revised Form 1042-S.
To process a revised Form 1042-S:
  1. Complete the following to indicate the Form 1042-S is revised:
    1. Access the
      Form 1042-S Recipient Information
       collapsible section on the Recipient Detail page for the recipient you need to process a revised Form 1042-S for.
    2. Select
      Revised
       from the
      Type of 1042-S (for printed form only)
       drop-down list.
    3. Enter the revision date you want to print on the revised form in the
      Date of 1042-S (for printed form only)
       field.
    4. Select
      Save
      .
  3. Amend 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.