Filing Forms 1042-S

Submitting the Request to Prepare a 1042-S Data File

Select
HOME
,
Admin
then
Prepare 1042-S
.
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.
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)
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
.
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.
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
.
Select
Submit Request
. Your request to prepare the 1042-S data file is submitted.
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

Select
HOME
,
Admin
then
Documents and Data Files
.
Open the
Folder: Electronic Filing-1042-S Filing Review
category for the tax year.
Select the
File Name
link for the 1042-S data file you want to download. An informational message displays.
Select OK. A message asking if you want to open or save the file displays.
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.

Contact your Client Manager to have the 1042-S filing flag reset for your PAN(s).
After the 1042-S filing flag(s) is reset, set the Chapter 3 and/or Chapter 4 status codes for the applicable recipients.
Reprocess the accounts.
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.
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.