Subject
Form 1042-S (Foreign Person’s U.S. Source Income Subject to Withholding) for Calendar Year 2014
Date Issued
March 4, 2015
Purpose
To inform agencies of the content information for the 2014 Form 1042-S.
Background
According to the IRS instructions for Form 1042-S, amounts subject to reporting on Form 1042-S are those that are paid to foreign persons (including persons presumed to be foreign) that are subject to withholding, even if no amount is deducted and withheld from the payment because of a Treaty or Exemption code.
2014 Form 1042-S will include earnings paid in paychecks dated:
| Administration: | 01/01/14 through 12/31/14 |
| Institution: | 01/09/14 through 12/25/14 |
2014 Form Content
See Attachment for a sample 1042-S Form.
The information which will appear on the Form 1042-S Statement is described below:
| Box 1 | Income Code The two digit code populated in this box identifies the type of income received. This code is populated on the 1042 Tax Balances page. |
| Box 2 | Gross Income The amount is the gross sum of all payments made for the calendar year 2014. |
| Box 3 | Chap. 3 This box should be checked if there are amounts in boxes 7 and 9 pursuant to Chapter 3. |
| Box 3a | Exemption Code The exemption code identifies the authority for the exemption or tax rate. The only exemption codes that apply to the types of payments made by the State of New York are Exemption Code 04 (Exempt under tax treaty) and 00 (Not Applicable). |
| Box 3b | Tax Rate This box is populated with the tax rate applied to the amount in box 3b. |
| Box 4 | Chap. 4 Not applicable. |
| Box 4a | Exemption Code Not applicable. |
| Box 4b | Tax Rate Not applicable. |
| Box 5 | Withholding Allowances This box contains the value of the withholding allowance(s) as claimed in the Federal Tax Data page. |
| Box 6 | Net Income This box is only populated if there is an amount in box 5. |
| Box 7 | Federal Tax Withheld This box is populated with the value of the Federal tax withheld. This box will contain a value of “0” if no taxes were withheld. |
| Box 8 | Tax withhold by other agents Not applicable |
| Box 9 | Tax assumed by withholding agent Not applicable |
| Box 10 | Total Withholding Credit The amount in this box should always match the amount in box 7. |
| Box 11 | Amount repaid to Recipient Not applicable. |
| Box 12a | Withholding Agent’s EIN This box is populated with the Employer Identification Number for the company the Form 1042-S is being issued under. CUNY 13-3893536 NYS 14-6013200 |
| Box 12b | Ch. 3 status code (Withholding agent) Not applicable. |
| Box 12c | Ch. 4 status code (Withholding agent) Not applicable. |
| Box 13a | Withholding Agent’s Name This box is populated with the name of the Company the Form 1042-S is being issued under. City University of New York (CNY) State of New York (NYS) |
| Box 13b | Withholding agent’s GIIN Not applicable. |
| Box 13c | Country Code (Withholding agent) Not applicable. |
| Box 13d | Foreign taxpayer identification number (TIN) (Withholding agent) Not applicable. |
| Box 13e-13f | Withholding Agent’s Address This box is populated with the address of the Company the Form 1042-S is being issued under. |
| Box 13g | Recipient’s U.S. TIN (if applicable) This box is populated with the employee’s Social Security (SSN) Number as written in the National ID field on the Modify a Person page or the Taxpayer Identification Number (TIN) as written on the Federal Tax Data page. If the employee has no SSN or TIN, this box will be blank. The SSN or TIN box will also be blank. |
| Box 13h | Ch. 3 status code (Recipient) This box should be populated with code “19” (Individual) |
| Box 13i | Ch. 4 status code (Recipient) Not applicable. |
| Box 14a | Recipient’s Name This box is populated with the name of the recipient. |
| Box 14b | Recipient’s Country Code This box contains the two character country code for the country the recipient claims residency. This value will differ from the value populated on the Federal Tax Data page due to the number of characters permitted. |
| Box 14c-14d | Recipient’s Address This box is populated with the address of the recipient from personal data. |
| Box 14e -23 | Various Not applicable |
| Box 24 | State income tax withheld This box is populated with the year to date State withholding amount for the state the recipient had withholdings for. |
| Box 25 | Payer’s state tax no. Not applicable |
| Box 26 | Name of State This box is populated with the State the withholdings were withheld for, however OSC does not withhold State tax. |
1042-S Distribution
The Office of the State Comptroller will create and mail Form 1042-S directly to agency payroll offices on or around February 27, 2015. Please note that Federal regulations mandate that forms be delivered to employees on or before March 16, 2015.
Questions
Questions regarding this bulletin may be e-mailed to the Tax and Compliance mailbox.