What is a 1042-S form?

At the end of every calendar year and by the end of Q1 of the new year, Symphonic will send you a 1042-S form. This form is the equivalent of receiving a 1099-MISC form in the USA for USA recipients.

This is a form that summarizes all of the payments and/or withholdings that have been made for the calendar year. This form can be used for you to file your taxes within your country and potentially get any withholdings that have been made, if they apply.

This form does not state any funds that you owe us and is standard practice for USA companies to foreign individuals. Please consult a local accountant as we're unable to give tax advice in regard to specific countries.

Example:
If we paid you royalties from January 1 to December 31 in 2018, you will receive a form that shows the amount we've paid. This form may also show withholdings due to a tax treaty that decreases the amount that you would be taxed and/or it shows a complete amount of withholdings. This is money you can potentially re-receive but, you'd have to discuss with your local tax accountant / officials.

Official USA IRS explanation. For international only
: Form 1042-S is used to report amounts paid to foreign persons (including persons presumed to be foreign) that are subject to income tax withholding, even if no amount is deducted and withheld from the payment because of a treaty or exception to taxation, or if any amount withheld was repaid to the payee.

We also have a very in depth tax resource for International clients that can be accessed here.
Was this article helpful?
1 out of 1 found this helpful
Have more questions? Submit a request

Comments

0 comments

Please sign in to leave a comment.