The IRS Form 1042-S Status Code indicates the chapter status of the recipient, which determines their classification under Chapter 3 (withholding on nonresidents) or Chapter 4 (FATCA) withholding requirements. These codes are reported in Box 12b on Form 1042-S.

Chapter 3 Status Codes

01 - U.S. Withholding Agent – FI (Financial Institution)
02 - U.S. Withholding Agent – Non-FI
03 - Territory Financial Institution
04 - Foreign Individual
05 - Foreign Corporation
06 - Foreign Partnership (other than a withholding foreign partnership)
07 - Foreign Trust (other than a withholding foreign trust)
08 - Foreign Estate
09 - Foreign Government
10 - International Organization
11 - Foreign Tax-Exempt Organization
12 - Unknown Recipient
13 - Qualified Intermediary (QI)
14 - Nonqualified Intermediary (NQI)
15 - Authorized Foreign Agent
16 - Disregarded Entity
17 - Flow-Through Entity

Chapter 4 (FATCA) Status Codes

01 - U.S. Financial Institution
02 - U.S. Governmental Entity
03 - U.S. Territory Entity
04 - U.S. Tax-Exempt Organization
05 - U.S. Branch (of foreign FI that is not a U.S. Person)
06 - Participating Foreign Financial Institution (PFFI)
07 - Reporting Model 1 Foreign Financial Institution
08 - Reporting Model 2 Foreign Financial Institution
09 - Registered Deemed-Compliant FFI
10 - Certified Deemed-Compliant Nonregistering Local Bank
11 - Certified Deemed-Compliant FFI with Only Low-Value Accounts
12 - Certified Deemed-Compliant Sponsored, Closely Held Investment Vehicle
13 - Certified Deemed-Compliant Limited Life Debt Investment Entity
14 - Certified Deemed-Compliant Investment Advisors and Investment Managers
15 - Owner-Documented FFI
16 - Restricted Distributor
17 - Nonparticipating Foreign Financial Institution (NPFFI)
18 - Excepted Foreign Government
19 - Excepted International Organization
20 - Excepted Foreign Central Bank
21 - Excepted Nonfinancial Group Entity
22 - Excepted Nonfinancial Start-Up Company
23 - Excepted Nonfinancial Entity in Liquidation or Bankruptcy
24 - 501(c) Organization or Other Nonprofit Organization
25 - Excepted Territory Entity
26 - Active NFFE
27 - Passive NFFE
28 - Sponsored Direct Reporting NFFE
29 - Direct Reporting NFFE
30 - Exempt Retirement Fund