Form 1042-S

What is a 1042-S?

Form 1042-S, or Foreign Persons US Source Income Subject to Withholding, reports for non-US persons or entities interest payments, dividends and substitute payments in lieu and applicable US source tax withholding, thereon, from US securities paid to foreign investors.

This information is also reported to the IRS.

It is possible to receive multiple 1042-S forms reporting different types of income during a given tax year.

Box 1 contains a code indicating the type of income being reported, shown below:

Code Income Type
6 Dividends
24 Substitute payments in lieu – dividends
01 Interest
29 Deposit (credit balance) interest
30 Original issue discount
33 Substitute payments in lieu – interest
50 Referral fees

Box 2 contains the gross US source income of the type indicated in box 1. Box 5 contains the withholding tax rate applied as determined by statute or applicable US tax treaty.

Box 6 contains an exemption code if the reportable income is exempt from withholding, for example interest and original issue discount.

Box 7 is the total amount of US federal tax withheld.

How to contact the IRS internationally – Updated 2012.

Below, you will find the only way for a Canadian person / organization to contact the IRS for personal, business or FATCA information.  If you live in the US, you can call from anywhere, toll-free, and discuss tax issues and I think it’s about time they extend the same courtesy to Canada, eh?

See the IRS contact information below from the IRS website; http://www.irs.gov/localcontacts/article/0,,id=101292,00.html

International Services:

If you are a taxpayer who lives outside the United States, the IRS has full-time permanent staff in 4 U.S. embassies and consulates. These offices have tax forms and publications, can help you with account problems, and answer your questions about notices and bills. You can reach these offices at the following telephone numbers, which include country or city codes if you are outside the local dialing area.

If you are calling about an e-file issue and it is not account related, please contact the
e-help Austin at 512-416-7750. Assistance is available from 7:00 a.m. to 6:00 p.m. Central time, Monday through Friday.

Frankfurt IRS

U. S. Consulate Frankfurt
Giessener Str. 30
60435 Frankfurt am Main, Germany
Tel: [49] (69) 7535-3834
FAX: [49] (69) 7535-3803
M-F 8 a.m. – 4 p.m. (Closed U.S. and German Holidays)

London

Internal Revenue Service, United States Embassy
24/31 Grosvenor Square
London W1A 1AE
United Kingdom Walk-In assistance available
Tuesday through Thursday
9:00 a.m.- 1:00 p.m. and 2:00 p.m. – 4:00 p.m.

Phone Service
Tel: [44] (207) 894-0476
9 a.m. to Noon. Monday through Friday
FAX: [44] (207) 495-4224

Paris United States Embassy/IRS
2 Avenue Gabriel
75382 Paris Cedex 08, France
Walk-In assistance 9:00 a.m.- noon
Phone service: M-F 1:30 p.m. – 3:30 p.m.
Tel. [33] (01) 4312-2555
Fax: [33] (01) 4312-2303

The IRS offices listed can answer your federal income tax questions, help with account and refund problems, and assist with the preparation of current and prior year tax returns.

IRS trained volunteers are also available at some embassy/consulate locations. If you are interested in becoming a volunteer, please contact one of our IRS offices.

Taxpayers located outside the US (read: CANADA) may also contact the IRS by mail at:

Internal Revenue Service
P.O. Box 920
Bensalem, PA 19020

Or you may telephone or FAX the Philadelphia Service Center office at:

Tel: 267-941-1000 (not toll-free)
Fax: 267-941-1055

Phone service available from 6:00 am to 11:00 pm (EST) M-F

Residents of Puerto Rico and the U.S. Virgin Islands may contact the IRS toll-free at 1-800-829-1040. (Hours of Operation 7:00 a.m. to 10:00 p.m. Monday – Friday).

Other items of potential interest:

International Taxpayer Advocate:
To request Taxpayer Advocate help, call:

Worldwide: Puerto Rico office:
Tel: (Spanish) 787-622-8930, (English) 787-622-8940
FAX: 787-622-8933