Form 1042-S Foreign Person’s U.S. Source Income Subject to Withholding is used to report amounts paid to foreign persons (including persons presumed to be foreign) that are subject to tax withholding, even if no amount is deducted and withheld from the payment because of a treaty or code exception to taxation, or if any amount withheld was repaid to the payee. It is also used to report amounts withheld under Chapter 3 of the Internal Revenue Code.

Complete the following steps to enter your gambling winnings reported on Form 1042-S in TaxAct.

Online return:

1. From within your TaxAct return (Online), click the Tools dropdown, then click Forms Assistant.
2. Click + next to the Documents Received manila folder, then click Form 1042-S - Foreign Person's U.S. Source Income Subject to Withholding.
3. Click + Add to create a new form, or click Form to edit a form you already created.
4. Enter your information on the form, then click Save & Close.

Desktop program:

1. From within your TaxAct return (Desktop), click Forms in the options bar to view the Forms Explorer (if it is not already visible).
2. Click Federal from the dropdown in Forms Explorer, then click Documents Received to expand the dropdown (if it is not already visible).
3. Click Form 1042-S to open a form you already created in Forms View.  If you want to create another form, click + Add New in the dropdown that appears below Form 1042-S in Forms Explorer.
4. Enter your information on the form, then click Save in the options bar.

Note. This only applies if either the taxpayer or the spouse is a nonresident.

Additional Information

• IRS Instructions for Form 1042-S

Note that any link in the information above is updated each year automatically and will take you to the most recent version of the webpage or document at the time it is accessed.