State Agencies Bulletin No. 1462

Subject
Form 1042-S (Foreign Person’s U.S. Source Income Subject to Withholding) for Calendar Year 2015
Date Issued
March 1, 2016

Purpose

To inform agencies of the content information for the 2015 Form 1042-S.

Background

According to the IRS instructions for Form 1042-S, amounts subject to reporting on Form 1042-S are those that are paid to foreign persons (including persons presumed to be foreign) that are subject to withholding, even if no amount is deducted and withheld from the payment because of a Treaty or Exemption code.

2015 Form 1042-S will include earnings paid in paychecks dated:

Institution: 01/07/15 through  12/24/15
Administration: 01/14/15through 12/30/15

2015 Form Content

The information which will appear on the Form 1042-S Statement is described below:

Box 1 Income Code
The two digit code populated in this box identifies the type of income received. This code is populated on the 1042 Tax Balances page.
Box 2 Gross Income
The amount is the gross sum of all payments made for the calendar year 2015.
Box 3 Chap. 3
This box should be checked if there are amounts in box 7 and no values in boxes 8 and 9 pursuant to Chapter 3.
Box 3a Exemption Code
The exemption code identifies the authority for the exemption or tax rate.  The only exemption codes that apply to the types of payments made by the State of New York are Exemption Code 04 (Exempt under tax treaty) and 00 (Not Applicable).
Box 3b Tax Rate
This box is populated with the tax rate applied.
Box 4 Chap. 4
Not applicable.
Box 4a Exemption Code
Not applicable.
Box 4b Tax Rate
Not applicable.
Box 5 Withholding Allowances
This box contains the value of the withholding allowance(s) as claimed in the Federal Tax Data page.
Box 6 Net Income
This box is only populated if there is an amount in box 5.
Box 7 Federal Tax Withheld
This box is populated with the value of the Federal tax withheld. This box will contain a value of “0” if no taxes were withheld.
Box 8 Tax withheld by other agents
Not applicable
Box 9 Tax assumed by withholding agent
Not applicable
Box 10 Total Withholding Credit
The amount in this box should always match the amount in box 7.
Box 11 Amount Repaid to Recipient
Not applicable.
Box 12a Withholding Agent’s EIN
This box is populated with the Employer Identification Number for the company the Form 1042-S is being issued under. CUNY 13-3893536 NYS 14-6013200
Box 12b Ch. 3 Status Code (Withholding Agent)
Not applicable.
Box 12c Ch. 4 Status Code (Withholding Agent)
Not applicable.
Box 12d Withholding Agent’s Name
This box is populated with the name of the Company the Form 1042-S is being issued under. City University of New York (CNY) State of New York(NYS)
Box 12e Withholding Agent’s GIIN
Not applicable.
Box 12f Country Code (Withholding agent)
Not applicable.
Box 12g Foreign Taxpayer Identification Number (TIN) (Withholding agent)
Not applicable.
Box 12h-12i Withholding Agent’s Address
This box is populated with the address of the Company the Form 1042-S is being issued under.
Box 13a Recipient’s U.S. TIN (If Applicable)
This box is populated with the employee’s Social Security (SSN) Number as written in the National ID field on the Modify a Person page or the Taxpayer Identification Number (TIN) as written on the Federal Tax Data page.
Box 13b Ch. 3 Status Code (Recipient)
This box should be populated with code “19” (Individual)
Box 13c Ch. 4 Status Code (Recipient)
Not applicable.
Box 13d Recipient’s Name
This box is populated with the name of the recipient.
Box 13e Recipient’s Country Code
This box contains the two character country code for the country the recipient claims residency. This value will differ from the value populated on the Federal Tax Data page due to the number of characters permitted.
Box 13f-13g Recipient’s Address
This box is populated with the address of the recipient from personal data.
Box 13h Recipient’s GIIN
Not applicable.
Box 13i Foreign taxpayer identification number (TIN) (Recipient)
Not applicable.
Box 14a-20 Various
Not applicable
Box 21 State income tax withheld
This box is populated with the year to date State withholding amount for the state the recipient had withholdings for.
Box 22 Payer’s state tax no.
Not applicable
Box 23 Name of State
This box is populated with the State the withholdings were withheld for, however OSC does not withhold State tax.

1042-S Distribution

The Office of the State Comptroller created and mailed Form 1042-S directly to agency payroll offices on February 22, 2016.  Please note that Federal regulations mandate that forms be delivered to employees on or before March 15, 2016.

Questions

Questions regarding this bulletin may be e-mailed to the Tax and Compliance mailbox.