2020.01 – What’s new on 1042-S forms

What’s new for Tax Year 2019
There are no major changes for QI when filling in the 1042-S forms for 2019.

1042-S paper/pdf form
Two new features have been introduced in the paper format. The first is the introduction of the income code 55 for “Taxable death benefits on life insurance contracts.” The second introduces a new box in the 1042-S module. The box is the 7c and has been added to indicate the corporate interest occurred to a partnership in the following year.

1042-S electronic/txt file
The two changes above are also incorporated into the electronic format of the form. The new income code can be used in the position 4-5 of the “Q records”, while in the field 999, always of the “Q records”, it will be indicated “1” if the check of the field 7c has been crossed in 1042-S paper.

You can download the latest IRS publications “Instructions for Form 1042-S” and “Publication 1187” from this page.