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1042-S

Filing Forms 1042-S

The IRS requires you to electronically file Form 1042-S regardless of the number of forms filed. Using ONESOURCE Trust Tax, you can prepare and download 1042-S data files. After a 1042-S data file is downloaded, you can electronically file it with the IRS using the IRS' FIRE system. See IRS Publication 1187 for details on electronically filing Form 1042-S.
note
ONESOURCE Trust Tax does not file 1042-S data files for you.

Submitting the Request to Prepare a 1042-S Data File

After you review the 1042-S information and correct any errors, you are ready to prepare the 1042-S data file.
To submit the request to prepare a 1042-S data file:
  1. Select
    HOME
    ,
    Admin
     then
    Prepare 1042-S
    .
  2. Review the errors listed under the
    1042-S Error Summary
     collapsible section. Severe errors should be corrected before the request to prepare the 1042-S data file is submitted. Otherwise, the information will be excluded from the 1042-S data file.
  3. Beginning in tax year 2020, the following Chapter 3 status codes are inactive:
    • 01 (U.S. Withholding Agent-FI)
    • 02 (U.S. Withholding Agent-Other)
    • 34 (U.S. Withholding Agent-Froeign branch of FI)
  5. An inactive Chapter 3 status code creates diagnostic errors in the
    Withholding Agent Listing
     register and in the
    1042-S Error Summary
     collapsible section on the Prepare 1042-S page. The error prevents the withholding agent and any records reported for the withholding agent from being included in the file to be exported and submitted to the IRS. To update the Chapter 3 status code, access the 1042-S Control Information page by selecting
    SETUP
     then
    1042-S Control
    .
  6. 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.
  7. As shown in the graphic below, the fields under
    Original Summary Information
     and
    Correction Summary Information
     may display totals. The
    Original Summary Information
     includes totals related to original 1042-S information. The
    Correction Summary Information
     includes totals related to previously filed recipients that have corrected 1042-S information. To prepare only an original 1042-S data file, deselect the
    File Correction
     check box under
    Correction Summary Information
    .
  8. Select
    Submit Request
    . Your request to prepare the 1042-S data file is submitted.
  9. The following occurs after the 1042-S data file is created:
    • Recipients included in the 1042-S data file are placed in corrections mode.
    • Recipients not included in the 1042-S data file remain in the original filing mode.
    • The data in the
      Withholding Agent Listing
      ,
      NRA Recipient Listing
       and
      NRA Detail
       registers is frozen to prevent changes.
    • Withholding agent information included in the 1042-S file cannot be changed. However, you can change the withholding agent information included under the
      Withholding Agent Detail
       collapsible section on the 1042-S Control Information page as long as the withholding agent was not included in the 1042-S data file.
    • On the Documents and Data Files page, the 1042-S data file is stored in the
      Folder: Electronic Filing-1042-S Filing Review
       category for the tax year.

Downloading an Original 1042-S Data File for Filing through the IRS' FIRE System

To download an original 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 select
    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 1042-S data file through the IRS' FIRE system. ONESOURCE Trust Tax does not file 1042-S data files for you. See IRS Publication 1187 for details on electronically filing Form 1042-S.
If the IRS rejects your 1042-S filing because, within the Q record, the recipient chapter 3 or chapter 4 status code is invalid, you can correct the error and prepare a replacement filing by completing the following:
  1. Contact your Client Manager to have the 1042-S filing flag reset for your PAN(s).
  2. After the 1042-S filing flag(s) is reset, set the Chapter 3 and/or Chapter 4 status codes for the applicable recipients.
  3. Reprocess the accounts.
  4. Review the recipient information to ensure the chapter 3 and chapter 4 status codes are correct. Use the
    NRA Recipient Listing
     base register to create a custom register then add the chapter 3 and chapter 4 status code fields to it.
  5. Prepare the replacement 1042-S data file using the steps listed above. You have 45 days from the date of the notice to send a replacement file to the IRS.

This article applies to:

  • Product: ONESOURCE Trust Tax