IRS Posts Two 2006 Tax Year 1042-Series Forms

October 20, 2006 – The IRS has posted 2006 tax year Form 1042, Annual Withholding Tax Return for U.S. Source Income of Foreign Persons, and 1042-T, Annual Summary and Transmittal of Forms 1042-S.  Form 1042 is filed by payer organizations that have made retirement arrangement distributions to nonresident aliens that required filing of Form 1042-S, Foreign Person’s U.S. Source Income Subject to Withholding.  (IRA and qualified plan distributions paid to nonresident aliens are generally reported using Form 1042-S.)  Form 1042-T is also filed by the payer if Forms 1042-S are remitted to the IRS in paper form. 

These forms be accessed  at: http://www.irs.gov/pub/irs-pdf/f1042t.pdf  and http://www.irs.gov/pub/irs-pdf/f1042.pdf.