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Forms 1042 and 1042-S

The IRS forms a US payer files to report US-source income paid to foreign persons, such as dividends or royalties, and the tax withheld on it.

The short answer, then the detailChecked September 2026

The detail

What it means in practice.

When a US company pays dividends to a foreign shareholder, or a platform pays royalties to a foreign creator, the payer withholds tax and reports the payment and the tax on Form 1042-S, to the recipient and the IRS, with a Form 1042 summary, by 15 March. The recipient uses the 1042-S to claim a credit at home or a refund from the IRS.

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