Form 1042-T for Kansas City Missouri 2024-2025

Form 1042-T for Kansas City Missouri: What You Should Know

However, if the tax owed by a taxpayer with a TIN on a return for which a Form 1042-S has already been filed is less than 2,500, or if the TIN is the same as the Taxpayer Identification Number of another person who is the person who filed the return for a taxpayer or of an individual with whom that taxpayer is associated, the tax owed by the taxpayer, even with a TIN on Form 1042-S, is to be paid at a rate of 1%. This rate applies to every return and shall not be subject to adjustment for changes in taxable income or for the filing of a return by a person who files a reportable transaction (e.g., estate or gift tax) on behalf of another. In addition, the amount to be withheld on Form 1042-S must be equal to the total of the following amounts: (1) the tax payable at the rate of 30% on the original Form 1042-S return, plus any tax payable with respect to the first 2,500 of the return for which the TIN is the Taxpayer Identification Number of that person, 2,500. (2) the tax payable at the rate of 30% on the return for which the TIN was the Taxpayer Identification Number of that person, plus any tax payable with respect to the first 5,000 of the return for which the TIN is not the Taxpayer Identification Number of that person, 5,000. Also, if the amount in (1) and (2) exceeds the amount of tax payable, the excess amount of tax payable may, without further liability or adjustment, be withheld and must be returned to the taxpayer, unless the taxpayer files a Form 2210. Reporting Income and Deducting a Tax Liability. The Form 2555, Withholding Tax on U.S. Source Income, will show a deduction for each item on Form 1042 with an entry indicating the amount of tax required to be withheld. (See Publication 515 for rules on whether other taxes may be deducted on Form 1042.) The IRS will also give instructions on Form 1042-S to the Tax Return Preparer for the filing of the return.

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