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Date: March 4, 2015

Bulletin Number: 1385

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Subject

Form 1042-S (Foreign Person’s U.S. Source Income Subject to Withholding) for Calendar Year 2014

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.