The final 2024 form for reporting nonresidents’ US-source income was released Jan. 16 by the Internal Revenue Service.
The 2024 Form 1042-S, Foreign Person’s U.S. Source Income Subject to Withholding, did not contain any changes from the 2023 form except that Copy E for the withholding agent’s records was removed, similar to the change made starting with the 2023 versions of Forms W-2 for US territories.
Finalized instructions for the form were not yet available, although a draft of the instructions was released Dec. 4. Form 1042-S is subject to the lowered e-filing threshold, meaning employers filing at least ...
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