SOFTWARE       for filing of all 1095-B, 1095-C, 1097, 1098, 1099, 3921, 3922, 5498, 8027, 8955-SSA, 8966 FATCA Report, W-2, W-2C, W-2G, and 1042-S tax forms.
Order Online or Call
phone icon
(877) 380-6474 (480) 706-6474 (480) 460-1052

[1042-S] Exemption Codes


Code: Authority for Exemption

Chapter 3
01: Income effectively connected with a U.S. trade or business
02: Exempt under an Internal Revenue Code section (income other than portfolio interest)
03: Income is not from U.S. sources
04: Exempt under tax treaty
05: Portfolio interest exempt under an Internal Revenue Code section
06: Qualified intermediary that assumes primary withholding responsibility
07: Withholding foreign partnership or withholding foreign trust
08: U.S. branch treated as a U.S. person
09: Qualified intermediary represents income is exempt
10: QI represents that income is exempt
11: QSL that assumes primary withholding responsibility
12: Payee subjected to chapter 4 withholding
22: QDD that assumes primary withholding responsibility
23: Exempt under section 897(l)

Chapter 4
13: Grandfathered payment
14: Effectively connected income
15: Payee not subject to chapter 4 withholding
16: Excluded nonfinancial payment
17: Foreign Entity that assumes primary withholding responsibility
18: U.S. Payees—of participating FFI or registered deemedcompliant FFI
19: Exempt from withholding under IGA
20: Dormant account
21: Other—payment not subject to chapter 4 withholding