I got this form set to me. What do I do with it? Do I need to fill it out? I only received $10US in dividends.
Cheers.
1042-S reporting?
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14-04-2021, 01:17 PMrayonline1042-S reporting?
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25-04-2021, 10:40 PMSnoopyHi rayonline,Quote:
Originally Posted by rayonline
You can find out more about the US tax 1042S form here.
https://www.irs.gov/forms-pubs/about-form-1042-s
The title of the form is "Foreign Person's U.S. Source Income Subject to Withholding." It tells you your withholding tax rate and the dollar amount of tax withheld during the year from the dividends paid by a particular US company that you hold shares in. There is no reason to fill in the gaps in the form and return it. You can use the US tax withheld as stated on the form to offset any tax liability from any US dividends received in New Zealand, should you have any such a tax liability (if you are under the NZ FIF regime and you make an overall loss over the year over all of your FIF portfolio collectively, then there is no NZ tax liability on individual FIF dividends received).
SNOOPY
P.S. The same tax withheld information will be on the individual dividend statements that you receive during the year.