1042-S Supplemental Instructions Released by IRS

Jesse Rooney
January 30, 2020

The IRS has recently provided supplementary instructions for 2019 1042-S forms.  These supplemental instructions should be used for reporting in 1042-S forms for tax year 2019.  There were two changes:

Firstly for box 7c, withholding and reporting performed in the following year against a partner or beneficiary’s share designated for the prior year before March 15 of the year then the 1042-S can be considered timely if filed before September 15 of the filing year.  This is in line with prior direction.

Secondly, the tax rate table of valid tax rates should include 24% as a valid rate.

To review the supplemental instruction, please follow this link.


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Jesse Rooney

Jesse Rooney is regulatory counsel for Sovos. His research focuses on tax information reporting. He is a member of the Massachusetts bar.
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