1042-S Year End Data

Purpose:  Use this document as a reference to consolidate, report, and manage tax data for payments made to foreign persons that are subject to U.S. income tax withholding.

Audience:  Payroll Administrator.

You must have at least one of these local college managed security roles:

  • ZC Payroll Data Maintenance
  • ZZ Payroll Data Maintenance
  • ZZ Payroll Processing

If you need assistance with the above security roles, please contact your local college supervisor or IT Admin to request role access.

Navigation:  Menu > Payroll for North America > US Annual Processing > 1042-S Reporting > 1042-S Year End Data

The 1042-S Year End Data Search criteria page displays. Enter one or more criteria fields to produce a list of an employee or employees based on the specified fields. For example, to see a list of all the Form 1042-S records for one employee, enter only the Tax Year and Empl ID in the search criteria.
NOTE: A separate Form 1042-S record with a different Unique Form Identifier is created for each different Income Code/Tax Rate combination.

  1. Tax Year -- enter the Tax Year.
    NOTE: If the Clear button is used on the search criteria page, the Tax Year operator changes  from "=" to "not=" so be aware of the values before selecting the Search button.
  2. Empl ID -- enter to list records for a specific employee.
  3. Company Code -- enter to list the employees for a specific company.
  4. Country Code -- enter to list records with the specified Country.
  5. Income Code -- enter to list records with the specified Income code.
  6. Tax Rate -- enter to list records with the specified Tax Rate.
  7. Warning Messages -- select this checkbox to list only Form 1042-S Year End Data Records which include warning messages.
  8. Select the Search button. The Search Results grid displays the row or rows matching the criteria.
    Select the row from the search results to view a specific individual Form 1042-S record for the employee.
1042-S Year End Data Search Criteria page.

The 1042-S Year End Data page displays employee data.

  1. The 1042-S Year End Data page is divided into several sections:
    - The top section is a header area and contains two links in the Company line: one, to Review Company Information and two, to Review Transmitter Information.
    - Below the header area is the Income Code and Tax Rate section with a Transfer Data button to update a New Income Code and New Tax Rate.
    - Two other buttons follow: Show History / Hide History (toggle) to display (or hide) the rows of changes to Year End Data and the Amend Data button to change or correct items of data in this section.
    - Last, the 1042-S Details section containing 3 tabs: Status, Box 1-11 and Box 17a-17c. The Status tab may also have links to Review Warning Messages and Review Recipient Information.
1042-S Year End Data page.
  1. In the header area, select the Review Company Information link to view the Withholding Agent information that will be included in the employee's Form 1042-S record.
1042-S Year End Data page - top section with Review Company Information highlighted.

The 1042-S Year End Data - 1042-S Company information page displays.

  1. Review the Company (Withholding Agent) information to be included in the employee’s Form 1042-S record.
  2. Select the Return button to get back to the 1042-S Year End Data page.
1042-S Year End Data - 1042-S Company page
  1. Select the Review Transmitter Information link on the 1042-S Year End Data page to see the Transmitter information under which the employee’s Form 1042-S record will be submitted on the electronic file.
  2. Select the Return button to get back to the 1042-S Year End Data page.
1042-S Year End Data - 1042-S Transmitter page.
  1. Changing either the Income Code or Tax Rate requires transferring the data to a new Form 1042-S record. Select the Transfer Data button to open the New Income Code and New Tax Rate fields for editing and transfer the data to a new Form 1042-S record.
  2. Select the New Income Code from the list.
  3. Enter the New Tax Rate. If the New Tax Rate is zero, leave the New Tax Rate field blank.
  4. Select the Confirm Transfer button.
  5. Once the transfer is completed, the Process Status of the original 1042-S Year End Data is changed to Transfer Out and the Process Status of the new 1042-S Year End Data created is Transfer In.

NOTE:  Changes made using the Transfer Data feature on this page will be over-written (lost) if the Load 1042-S Year End Data process (TAX951LD.SQR) is subsequently re-run.

1042-S Year End Data - Income Code and Tax Rate section with transfer data fields highlighted.
  1. Back at the 1042-S Year End Data page, look to the 1042-S Details section, Status tab. The 1042-S Details section includes three tabs:
    --  Status,     --  Box 1-11,     --  Box 17a - 17c.

1042-S Status Details section - Status tab column/field descriptions:

  1. Amendment Number:  When data previously submitted on an electronic file to the IRS, any subsequent change or correction in that data requires an Amended record. Each time a new Amended record is created, the Amendment Number is incremented by +1, up to a maximum of 9 amendment records. This number is printed in the Amendment No. field on the paper Form 1042-S.
  2. Process Status values:
      -  Completed - Record is included in an IRS electronic file created by TAX950.SQR or program PYYE1042 with Run Mode = Final Run.
      -  Initial Load - Record was created by running the Load Form 1042-S program (TAX951LD.SQR).
      -  Reset - Record’s status changed from Completed to Reset as a result of a Reset File Status action.
      -  Transfer In - Record was created by the Transfer function to move data from another 1042-S Year End Data record into this 1042-S Year End Data record with a new Income Code.
      -  Transfer Out - The Transfer function was used to move data out of this record and into a different 1042-S Year End Data record with a new Income Code.
      -  Updated - The record’s status changed to Updated as a result of processing an amendment to 1042-S Year End Data.
  3. 1042-S File Number:  Each time a new file of reportable Form 1042-S data is created, the 1042-S File Number is incremented by +1.
1042-S Year End Data - 1042-S Details section - Status tab.
  1. Select the Review Warnings hyperlink to see any messages concerning the information in the 1042-S Year End Data.
  2. Select the Return button to get back to the 1042-S Year End Data page.
1042-S Details section - 1042-S Messages page.
  1. Select the Review Recipient Information hyperlink to see the recipient information that will be included in the Form 1042-S record.
  2. Select the Return button to get back to the 1042-S Year End Data page.
1042-S Details section - 1042-S Recipient page.
  1. The Box 1 -11 tab of the 1042-S Details section includes the Exemption Code and Federal dollar amounts.
  2. Select the Show History / Hide History button (toggle) to display (or hide) the rows of changes to Box 1-11 fields that have been saved using Amend Data.
1042-S Year End Data - 1042-S Details section - Box 1-11 tab.
  1. The Box 17a-17c tab of the 1042-S Details section includes state-specific information.
  2. Select the Show History / Hide History button (toggle) to display (or hide) the rows of changes to Box 17a-17c fields that have been saved using Amend Data.
  3. Select the Amend Data button to open Box 17a for editing the State Income Tax Withheld, or to select a different State.
  4. Select the Save button.
1042-S Year End Data - 1042-S Details section - Box 17a - 17c tab.

NOTE: Changes made using the Amend Data feature on this page will be over-written (lost) if the Load 1042-S Year End Data process (TAX951LD.SQR) is subsequently re-run.

Procedure to review the 1042-S Year End Data information is complete.

0 Comments

Add your comment

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.