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Q: What is the 1042-S form?

A: Form 1042-S Foreign Person's U.S. Source Income Subject to Withholding, is used to report amounts from U.S. sources paid to foreign persons (including persons presumed to be foreign) or included in a U.S. payee pool that are reportable under chapters 3 and 4, even if no amount is deducted and withheld from the payment because of a treaty or Internal Revenue Code exception to taxation or if any amount withheld was repaid to the payee.

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