1042-S Scenario: Casino and Foreign Winner’s Gambling Winnings
Here’s how IRS Form 1042-S might apply to scenarios involving a casino which may need to report U.S.-source income payments to foreign recipients. Scenario: Casino and Foreign Winner’s Gambling Winnings Let’s say a foreign tourist wins money at a U.S.-based casino. Gambling winnings for non-U.S. residents are typically subject to withholding at a 30% rate, […]
1042-S Scenario: Book Publisher and Foreign Author Royalties
Here’s how IRS Form 1042-S might apply to scenarios involving a book publisher which may need to report U.S.-source income payments to foreign recipients. Scenario 1: Book Publisher and Foreign Author Royalties Suppose a U.S.-based book publisher pays royalties to a foreign author who resides outside the United States. These royalty payments are considered U.S.-source […]
How can I get refund from the total withholding credit on Form 1042-S?
To get a refund from the total withholding credit on Form 1042-S, follow these steps: 1. Complete Your U.S. Tax Return (Form 1040-NR) If you’re a nonresident alien, you’ll generally file Form 1040-NR. Report all your U.S.-sourced income, deductions, credits, and withholding from your Form 1042-S. Enter the total withholding credit (from Box 7 of […]
