Tax & Accounting Blog

Form 1042-S Information Reporting to Non-U.S. Persons Part 2: Payments Not Reportable on Form 1042-S

Form 1042-S Information Reporting to Non-U.S. Persons Part 2: Payments Not Reportable on Form 1042-S

Income payments not subject to NRA withholding are also not subject to Form 1042-S reporting. They include: • Income excluded from income under section 61 (e.g., qualified scholarships and fellowships). • Proceeds on sales of U.S. real property interests by non-U.S. persons (use Form 8288). • Partnership profits reported by the partnership to a … Read More