The 1042-S Type of Income (1042T) table identifies valid combinations of 1042-S Income Code, 1042-S Ch. 3 Recipient Code or 1042-S Ch. 4 Status Code, and 1042-S Type of Income used in the 1042-S reporting process. If the combination is not found on this table, the income will not be 1042-S reportable on the transaction.
If the value entered in the 1042-S Income Code field exists on the 1042-S Income Code/Ch.3 Recipient Code Exception table (ICRC) table, then the values entered in the 1042-S Income Code and 1042-S Ch. 3 Recipient Code fields on 1042T must exist as a valid combination on the ICRC table.
If the value entered in the 1042-S Income Code field exists on the 1042-S Income Code/Ch.4 Status Code Exception table (IC4SC) table, then the values entered in the 1042-S Income Code and 1042-S Ch. 4 Status Code fields on 1042T must exist as a valid combination on the IC4SC table.
If the value entered in the 1042-S Income Code field does not exist on the 1042-S Income Code/Ch.3Recipient Code Exception table (ICRC) table, then any valid code can be entered in the 1042-S Ch. 3 Recipient Code field on 1042T.
If the value entered in the 1042-S Income Code field does not exist on the 1042-S Income Code/Ch.4 Status Code Exception table (IC4SC) table, then any valid code can be entered in the 1042-S Ch. 4 Status Code field on 1042T.