The 1042-S Reported Income inquiry records vendor income that has been consolidated/ summarized by Calendar Year, Reporting Payer/ Recipient Account Number, Recipient Code, Income Code, Country of Residence, and Exemption Code. The table is initially updated with records from the 1099 Journal the first time the Offline 1099 Process is executed for a calendar year. During subsequent runs, updates are made here to individual records depending on what processing mode is chosen.
Each record has a processing date and indicator. This provides a log of the processing history, identifies if forms have been issued, which records have been reported to the IRS on magnetic media, or if applicable, if the records have been corrected.
Please refer to 1042-S Processing of this guide for more information.