1042-S Reported Income

The 1042-S Reported Income inquiry records vendor income that has been consolidated/ summarized by Calendar Year, 1099 Reporting Payer, TIN, Recipient Account Number, Income Code, 1042-S Ch. 3 Recipient Code or 1042-S Ch. 4 Status Code, Exemption Code, Tax Rate, and Country of Residence. The table is initially updated with records from the 1099 Journal the first time the Offline 1099 Process is executed for a calendar year. From that point on, any updates or corrections to 1099 information can be done via the following ways:

The Add New 1042-S Reported Income link allows a new record to be inserted to the table.

The Edit 1042-S Reported Income link allows the record to be changed if the Processing Indicator is Updated. This link will be enabled if a record has initially been updated after the Offline 1099 Process by using the Apply Corrections link. This link will also be enabled after a record is manually inserted and has not been processed by the Offline 1099 Process.
The Apply Corrections link allows a record to be updated after the record has been inserted to the table. This link is enabled when the record needs to be updated initially after the Offline 1099 Process inserted it.
The 1042-S Information link transitions you to the 1042-S Reporting Information page.
The 1099 Journal link transitions you to the 1099 Journal page and filters the results based on the Calendar Year, TIN, and TIN Type from the record selected on the 1042-S Reported Income page.
The Form 1042-S Reporting link transitions and filters the results based on the Calendar Year, Reporting Payer, TIN, and TIN Type from the selected record.

Each record has a Generation Date, Processing Indicator, and an IRS Reported indicator. This provides a log of the processing history and identifies which records have been reported to the IRS.

TUpdate 1042S Reported Income is accessed when the Edit 1042-S Reported Income, Add 1042-S Reported Income or Apply Corrections links are selected on 1042-S Reported Income (1042R). This page allows you to enter or modify information in both the General Information as well as Reported Income Information tabs.

On Update 1042-S Reported Income, after entering information select OK to add a new record to the 1042R table and return to 1042R. If the Edit 1042-S Reported Income link or the Apply Corrections link is selected, then a new record is added to 1042R and the Current Record field on 1042R is changed to No for the old record. This step is important because the 1099 Batch Process picks up records on the 1099 Reported Income and 1042-S Reported Income tables when the Processing Indicator is New or Updated and exports only modified records that meet IRS threshold requirements to the data files.

Select Cancel on this page to return to 1042R without saving any changes.

If adding a new 1042-S, the system uses the 1099-Reporting Payer field and the Account Number data to retrieve necessary information for the protected fields. The system will then populate the protected fields once the record is saved. This data will be visible after the record is saved.

The system defaults the new 1042-S record with the calendar year value. Box numbers vary depending on calendar year. As a result, you should enter your calendar year if it is different than the calendar year displayed. When the page is refreshed such as selecting the Reporting Payer from a pick list, the captions will correspond to the calendar year. Enter all necessary fields and select OK. Error messages will be displayed for missing or incorrect data.

Please refer to the "1042-S Processing" topic of this guide for more information.