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IRS Form 1042-S

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IRS Form 1042-S

I have just received a 1042-S form from the IRS in America.  I'm based in the UK.  Prior to publishing my book I did fill out the relevant forms last year regarding my tax details and to exempt me from the US tax dept. taxing my royalties before I received them.
Can anyone please tell me what this form is for and what I am supposed to do with it?

many thanks,
Steve Hollands.
Offline lyndawrites Reading The Twopenny-Hat Detective by Brian Sellars
21 Mar 2017, 09:55 AM | Post: #2

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RE: IRS Form 1042-S

Well, you could file it  under 'B' - for Bin. Big Grin

As I understand it, Amazon has to inform the IRS that it has paid royalties in full, because the author has filled in the relevant tax documents. Form 1042-S is just your copy. I save mine in my 'Accounts' folder - on the just to be on the safe side principle.
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Offline Katherine Roberts Reading I keep forgetting to update this!
23 Mar 2017, 09:24 AM | Post: #3

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RE: IRS Form 1042-S

I wouldn't bin it just yet. If you need to reclaim any withheld taxes, you can use it to file a US tax return, and some people have to file one (see the IRS website for instructions https://www.irs.gov/uac/about-form-1042s).

If you're a UK taxpayer, I should think the HMRC might want to see it during a tax inspection... you need to keep these things for 6 years, I believe, before binning anything? 

* Please note I am not a tax professional, this is just from personal experience.

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