1042 and 1042 S Reporting

Payments-to-Foreign-Nationals

View policy pdf:1042 and 1042-S Reporting Policy

Policy Statement
The University of Georgia will produce an Internal Revenue Service (IRS) Form 1042-S, Foreign Person’s U.S. Source Income Subject to Withholding, each calendar year.

Reason for policy

As the withholding agent, the University of Georgia is required to file the form 1042-S by March 15^th for the preceding tax year. The form 1042-S summarizes the tax withheld on payments to foreign persons under section 1441 of the Internal Revenue code.

Procedures

The University of Georgia will distribute 1042-S forms to individuals by the deadline of March 15^th for the following categories:

• Foreign national employees who are claiming a tax treaty for earnings that fall within the scope of a tax treaty
• Foreign national students who are nonresidents for tax purposes and who receive scholarship payments
• Foreign national students and scholars who are nonresident aliens for tax purposes and receive non- compensatory payments for fellowship payments
• Foreign nationals receiving payments for independent personal services, including artistic performances, performed in the United States
• Foreign nationals who receive royalty payments
• Nonresidents who receive award payments

One USG Job Aid:

https://usg.service-now.com/usgsp?id=kb_article_view&sysparm_article=USGKB0011470

Forms/Instructions

http://www.irs.gov/pub/irs-pdf/i1042.pdfhttp://www.irs.gov/pub/irs-pdf/i1042s.pdf

Record Retention

This series provides a summary record of data reported on the annual Wage and Tax Statements (W -2) for employees. It consists of records by year in social security number order, including employee name, earnings subject to tax, and other data as required by law. [Board of Regents: Wage and Tax Statements (W-2 forms) 0472-04-047]Record Copy: The Payroll Department will retain a copy of employee 1042-S.

Retention: 5 years

FAQ's

• How do I request a copy of a 1042-S?

The International Tax Coordinator prepares and distributes 1042-S forms to the appropriate individuals by March 15. If you think you should receive a 1042-S you may send the International Tax Coordinator an email (susanc@uga.edu) to request a copy of your 1042-S. Please provide your full name, last four digits of your social security number, and indicate whether you would like to pick up your forms or have them mailed. Provide your current address for mailing.

Responsibilities

Date Issued: 01/01/2019

Last Reviewed/Updated: 01/06/2017