Form 1042 General And Specific Instructions (Page 3 of 3) in pdf

Form 1042 (2009)

Page

Line 62a. The amount on line 62a should

claimed. If you are a PTP or a nominee

are amending. Check the “Amended Return”

equal the sum of all amounts shown on

withholding under section 1446, the tax paid

box at the top of the form. You must

Forms 1042-S, box 2, and all amounts shown

for a payee may only be claimed as a credit

complete the entire form, including all filing

as gross interest paid on Forms 1000.

by the payee.

information for the calendar year, and sign

the return. Attach a statement explaining why

Line 62b. The amount on line 62b should

Lines 69 and 71. You may claim an

you are filing an amended return (for example,

equal:

overpayment shown on line 69 as a refund or

you are filing because the tax liability for May

● The sum of all Forms 1042-S, box 9 (box 7

a credit. Check the applicable box on line 71

was incorrectly reported due to a

to show which you are claiming. If you claim

plus box 8), less

mathematical error).

a credit, it can reduce your required deposits

● The sum of all Forms 1042-S, box 10, plus

If you also are amending Form(s) 1042-S,

of withheld tax for 2010.

● The tax assumed from Forms 1000.

see Amended Returns in the Form 1042-S

Line 70. The penalty for failure to deposit tax

instructions.

If it does not, attach a statement to

applies to the amount underpaid when the

Do not amend Form 1042 to recover taxes

Form 1042 explaining the difference.

deposit was due. See Deposit Requirements

overwithheld in the prior year. For more

Line 63a. The amount on line 63a must equal

on page 2. The penalty rates are 2% for

information, see Adjustment for

the sum of the monthly totals as listed on the

deposits made 1 to 5 days late, 5% for

Overwithholding in Pub. 515.

Record of Federal Tax Liability. Do not make

deposits made 6 to 15 days late, and 10% for

any adjustments on this line. Except for

deposits made 16 or more days late.

Privacy Act and Paperwork Reduction Act

adjustments described in the instructions for

However, the penalty is 15% if the tax is not

Notice. We ask for the information on this

line 63b, you may only make adjustments on

deposited within 10 days after the IRS issues

form to carry out the Internal Revenue laws of

the appropriate entry line of the Record of

the first notice demanding payment. Add the

the United States. Sections 1441, 1442, and

Federal Tax Liability.

penalty to any tax due and enter the total on

1446 (for PTPs) require withholding agents to

line 68. If you are due a refund, subtract the

report and pay over to the IRS taxes withheld

Line 63b. Include on line 63b any tax liability

penalty from the overpayment you show on

from certain U.S. source income of foreign

resulting from adjustments of underwithheld

line 69.

persons. Form 1042 is used to report the

tax on corporate distributions made in

For information on other penalties, see

amount of withholding that must be paid

calendar year 2009 if:

Interest and Penalties on page 3.

over. Form 1042-S is used to report the

● The distributing corporation made a

amount of income and withholding to the

Third Party Designee

reasonable estimate of accumulated and

payee. Section 6109 requires you to provide

current earnings and profits under

your employer identification number. Routine

If you want to allow any individual,

Regulations section 1.1441-3(c)(2)(ii)(A) and

uses of this information include giving it to

corporation, firm, organization, or partnership

● The distributing corporation or intermediary

the Department of Justice for civil and

to discuss your 2009 Form 1042 with the IRS,

paid over the underwithheld tax by March 15,

criminal litigation, and cities, states, and the

check the “Yes” box in the Third Party

2010.

District of Columbia for use in administering

Designee section of the return. Also, enter the

If you are a regulated investment company

their tax laws. We may also disclose this

name, phone number, and any five numbers

(RIC), real estate investment trust (REIT), or

information to other countries under a tax

that the designee chooses as his or her

personal holding company (PHC) that paid a

treaty, to federal and state agencies to

personal identification number (PIN). The

enforce federal nontax criminal laws, or to

dividend subject to section 852(b)(7), section

authorization applies only to the tax form

857(b)(9), or section 563(b) (relating to certain

federal law enforcement and intelligence

upon which it appears.

dividends declared in the preceding October,

agencies to combat terrorism. If you fail to

By checking the “Yes” box, you are

November, or December), enter your

provide this information in a timely manner,

authorizing the IRS to call the designee to

additional tax liability on those dividends

you may be liable for penalties and interest.

answer any questions relating to the

declared in 2009 but paid no later than March

You are not required to provide the

information reported on your tax return. You

15, 2010, less any additional tax liability on

information requested on a form that is

are also authorizing the designee to:

those dividends declared in 2008 but paid no

subject to the Paperwork Reduction Act

● Exchange information concerning your tax

later than March 15, 2009. Show any negative

unless the form displays a valid OMB control

amount in brackets. Attach a statement

return with the IRS, and

number. Books or records relating to a form

showing your calculation.

● Request and receive written tax return

or its instructions must be retained as long as

their contents may become material in the

information relating to your tax return

Line 64. Enter the total tax deposits you

administration of any Internal Revenue law.

including copies of specific notices,

made (including amounts paid with an

Generally, tax returns and return information

correspondence, and account transcripts.

extension of time to file).

are confidential, as required by section 6103.

Line 66. You are permitted to take a credit

You are not authorizing the designee to

The time needed to complete and file these

for amounts withheld by other withholding

receive any refund check, bind you to

forms will vary depending on individual

agents that relate to the total net tax liability

anything (including additional tax liability), or

circumstances. The estimated average time

reported on line 63c. For example, you are a

otherwise represent you before the IRS. If you

is: Recordkeeping, 9 hr., 48 min.; Learning

QI and the amount you entered on line 63c

want to expand the designee’s authorization,

about the law or the form, 2 hr., 25 min.;

includes amounts withheld by a U.S.

see Pub. 947, Practice Before the IRS and

Preparing the form, 4 hr., 33 min.; and

withholding agent. You may take a credit on

Power of Attorney.

Copying, assembling, and sending the form

line 66 for the amounts that were withheld by

The authorization automatically expires one

to the IRS, 32 min.

the U.S. withholding agent. The amount on

year from the due date (without regard to

line 66 should equal the sum of all Forms

If you have comments concerning the

extensions) for filing your 2009 Form 1042. If

1042-S, box 8, that you file for the year.

accuracy of these time estimates or

you or your designee desire to terminate the

suggestions for making this form simpler, we

Note. All withholding agents (QIs and NQIs)

authorization, a written statement conveying

would be happy to hear from you. You can

must verify entries on Line 66 by attaching

your wish to revoke the authorization should

write to the Internal Revenue Service, Tax

supporting Form(s) 1042-S, issued to you, to

be submitted to the IRS service center where

Products Coordinating Committee,

verify the credit amounts claimed.

the return was processed.

SE:W:CAR:MP:T:T:SP, 1111 Constitution Ave.

If you are a QI requesting a

Amended Return

NW, IR-6526, Washington, DC 20224. Do not

refund, you must attach the

send the form to this address. Instead, see

If you have to make changes to your Form

corresponding Form(s) 1042-S

Where and When To File on page 2.

1042 after you submit it, file an amended

received to support the amount

CAUTION

Form 1042. Use a Form 1042 for the year you

claimed on line 66. Failure to do so will result

in the denial of the refund or credit being

Form 1042 General And Specific Instructions Page 3

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