IRS Releases Final 2023 Nonresident Withholding Form

The final 2023 Form 1042-S, Foreign Person’s US Source Income Subject to Withholding, was released Dec. 20 by the Internal Revenue Service.

The form did not contain substantive changes from its draft released Sept. 23.

Form 1042-S is generally used to report amounts paid to nonresidents, including wages that are exempt under an income tax treaty, that are not reported on another form, such as Form W-2, Wage and Tax Statement. The 2022 form must be filed and given to recipients by March 15, 2023.