From: Anne Gross (AGross@nacubo.org)
Date: Wed Apr 10 2002 - 10:45:59 EDT
Suzanne: IRS Form 1042S is the tax statement used to report most types of payments made to nonresident aliens. The 1042S is used to report payments and withholding on an individual basis and must be filed with both the individual and the IRS by March 15 of the following year. (The withholding agent, or institution, also files a Form 1042 which summarizes withholding activity for the year.)
Form 1042S would be used to report payments to nonresident aliens such as employee compensation that is exempt from taxation, nonqualified portion of scholarships and fellowships, independent contractor fees, honoraria, royalties, etc.
My source of information is a subscription service published by NACUBO, A Guide to Federal Tax Issues for Colleges and Universities. You might see if your business or tax office has a copy and look at Chapter 500. Anne
Anne C. Gross
Assistant Vice President
Business, External Affairs, and Research
NACUBO
202-861-2544 anne.gross@nacubo.org
202-861-2583 (fax)
-----Original Message-----
From: Dominick, Suzanne [mailto:dominick@setonhill.edu]
Sent: Wednesday, April 10, 2002 9:41 AM
To: bursar-l@virginia.edu
Subject: 1042S
I had a call from a student today asking if we were going to issue him a
1042S form. He is not a citizen, but lives and studies in the U.S. We do
not issue these and I am not familiar with the form. He mentioned something
about it being a "statement of grants subject to withholding".
Why are these issued? What are the guidelines, etc.?? Thanks.
Suzanne Dominick
Supervisor, Accounts Receivable
Seton Hill College
Greensburg, PA 15601
dominick@setonhill.edu
Ph: 724-830-4635 Fax: 724-830-1292
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