TN Form 1042-T 2024-2025

TN Form 1042-T: What You Should Know

This filing statement is needed when you report the income from a qualifying scholarship or fellowship. You are required to provide the name and address the financial institution where you made these payments and the amount of scholarship or fellowship income. If the payment was made to a foreign student, the following information is required: The foreign student's school name and a unique identifier, such as an SSN, Social Security number or other identification number. If you are reporting income under either a tax withholding or reporting method: The nonrefundable tax withholding rate. The date of the check. The number of check payments. You may also have to send a copy of both this form and the Form 1042-S (with the tax withholding instructions) if: You received an electronic check from a foreign student The student provided the following information when you checked out the student's account online: Financial institution name and address (for example, American Express and the student's bank, if any), and account type, such as Visa Electron or MasterCard. The amounts listed in box 3 were the amount paid by the student for the tuition and fees and the amount reported as income on the FAFSA. The student also provided a detailed statement, which is not required as part of the  1042-S form. The amount of any nonqualified scholarships and fellowship awards you received is required to be reported on Form 8332, Nonqualified Scholarship and Fellowship Income. If your foreign student has a U.S. address, you are required to report the following information for that student in box 3 (the sum of the student's non-qualifying scholarships and fellowship awards and any nonqualified scholarships and fellowship awards paid to their spouse). The student's name, current street address, phone number, and an indication whether they received a Form 1099-R, Taxpayer Refund for Education Expenses. The student's social security number is not required for this form, although it is a good idea to check it to make sure the student is reporting the amount of the nonqualified scholarships and fellowship awards properly. For more information, contact the nearest IRS agent in your state. This form can also be downloaded to your computer and printed or faxed. The IRS expects your report within 3-5 business days, excluding weekends and holidays. For more information, contact your nearest IRS agent in your state.

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