Set up 1042 in Advantage

To issue 1042-S forms in Advantage, set up the following tables:

  1. 1042-S Income Code (INCM) page (delivered with application)

  2. 1042-S Tax Rate (ITAX) page (delivered with application)

  3. 1042-S Ch. 3 Recipient Code (RECP) and/or 1042-S Ch. 4 Status Code (CHP4) pages (delivered with application)

  4. 1042-S Organization Type/Ch. 3 Recipient Code Crosswalk (OTRC) and/or 1042-S Organization Type/Ch. 4 Status Code Crosswalk (OT4C) page (delivered with application)

  5. IRS Country of Residence (ICTRY) page (delivered with application)

  6. 1042-S Exemption Code (EXMP) page (delivered with application)

  7. 1042-S Income Code/Tax Rate (ICTX) page for countries who qualify for alternate rates than the standard backup withholding rate. ICTX4 is used for Chapter 4 recipients.

  8. 1042-S Type of Income (1042T) page.

  9. Object (OBJ), Sub Object (SOBJ), Balance Sheet Account (BSA), or Sub BSA (SBSA) pages to relate income codes to the COA code. The COA code is linked to an income code on 1042T.

  10. VCC or VCM to add taxpayer information to 1099I, 1042I, and VCUST. 

  1. 1099I will create/store the taxpayer’s TIN, name, and address

  2. 1042I will create/store the taxpayer’s foreign address, Recipient Account Number, and 1042-S Reporting indicator.

  3. The Vendor record will specify the 1042-S Recipient Account Number from 1042I,  the IRS Country of Residence, IRS Country Sub Code, and 1042-S Ch.3 Recipient Code or 1042-S Ch. 4 Status Code.