Administrators with the right permissions can set the 1042s Form settings for the Institution's account.
Set 1042-S Form Settings
1. Login to your Calculus account.
2. On the left-hand side, click on Settings.
3. Click on 1042s Form Settings.
1042-S Electronic Consent
Institutions have the option to collect electronic consent for form 1042-S either within Calculus or externally. Here's how it works:
- Setting to "Yes": If you collect electronic consent outside of Calculus and set the consent setting to "Yes," foreign nationals who did not give consent within Calculus will still have their recipient copies of form 1042-S available in their profiles once the tax year is finalized.
- Setting to "No": If the consent setting is set to "No," foreign nationals who did not give electronic consent within Calculus will not have the form visible in their profiles.
Warning: If you select "Yes," ensure you have collected electronic consent declarations from your users outside of Calculus.
For more information please see, Electronic 1042-S Consent.
Recipient Window Position
Institutions needing to mail paper copies of the 1042-S form can customize the file format to align with their envelope's window, ensuring the recipient's address appears correctly in the envelope window.
Individual Users
1. Import 1042-S Function
Institutions can import 1042-S information calculated outside of Sprintax Calculus to populate the forms. When you import a spreadsheet containing the financial data for form 1042-S, it will overwrite the existing calculations in the Payments Module.
Warning: Ensure the Payments Module is turned off before switching to the 1042-S import Function
2. Transmission Method
Please select the method in which your institution will file the 1042-S forms to the IRS.
If your Institution selects to file electronically, you can choose:
- Use the Calculus FIRE system details.
- Use your own TCC and transmitter’s data. If you select to use your own please have your Transmitter details ready to input to the system.
3. Additional Settings
- Institutions can select to hide Date of Birth on all 1042-S Forms.
- Institutions can select to issue 1042-S forms for non-US sourced income.
Vendors
Institutions can select to import vendor 1042-S data. If you have records in the Vendor list that require a 1042-S form, please enable the option to import the 1042-S financial data.
Once you set the 1042s settings, click Save on the top right corner.