Home > IRS Form 1042-S > For IRS Form 1042-S, do I report each payment separately or the total amount paid for a tax year?

For IRS Form 1042-S, do I report each payment separately or the total amount paid for a tax year?

I receive this question often.  For the 1099 forms, if you have multiple transactions or payments to a recipient during a year, you don’t send them multiple 1099 forms.  Instead, send them one 1099 form with the totals for that tax year.

IRS Form 1042-S is the same as the 1099- forms in this regard.  If you paid someone multiple times, put together one 1042-S form at the end of the year to show the total amount paid and withheld and so forth.

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Erich J. Ruth

Erich J. Ruth provides technical support for National Software which is the parent company for 1099FIRE. 1099FIRE develops and markets a comprehensive range of products that enables any size of business or institution to effectively manage and comply with year-end filing requirements. 1099FIRE is an employee-owned company located in Phoenix, Arizona.

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