The 1042-S Income Code (INCM) table provides the type of income paid by a taxpayer. The records entered on this table are used on other 1042-S tables to associate an Income Code to a recipient type or expenditure type. It is also used for reporting income on 1042-S form.
Valid IRS Income Codes and their associated withholding allowance settings are provided for this table. Income Codes loaded are those that are valid in the current year and previous years. There are no validations to ensure that the Income Code selected is valid for the calendar year of the form, please look at IRS guidelines to ensure the correct Income Code is selected. Changes or new codes to this table will be provided to you in the annual tax updates.