Can You Get Money Back With 1042-s Form

What is form 1042-S?

Yale University will issue a 1042-S annually to report any non-resident alien wages and tax withholdings. Form 1042-S may include payments from diverse departments such as (Payroll, AP, Imprint, Yale Printing, GSPS). Form 1042-S is issued to certain non–U.S. citizen students who have received scholarships in excess of their tuition and required fees or if they accept received other reportable payments from the University. Form 1042-Due south reports the required 14% or 30% tax withheld on such excess scholarships or payments. The form is mailed March xv, to the pupil's billing address on file in the Student Information System. All others are sent to the address on file in Workday, GSPS, A/P or Yale Press. (If there is no billing accost on file, the form is mailed to the student's permanent address; if no permanent address is on file, the form is mailed to the educatee's mailing address in SIS.) The 1042-Southward forms are besides available online through the Foreign National Information System (FNIS) website to students who have a FNIS business relationship. Students tin also request a copy of Form 1042-S by contacting the Finance Back up Heart (FSC) at (203) 432-5394 or past emailing sharedservices@yale.edu.

For any questions regarding your 1042-Southward, please contact the Finance Back up Eye at 203-432-5394 sharedservices@yale.edu.

For any questions regarding your residency status, please contact the International Tax Section at internationaltax@yale.edu.

Why did I receive a 1042-S?

Yale University will issue a 1042-S (Foreign Person'due south U.Southward. Source Income Subject to Withholding) to whatsoever Not-Resident Alien to report whatsoever payments and tax withholdings.

Why did I receive multiple copies?

Copy B: Recipient copy
Copy C: Filed with federal tax return
Copy D: Filed with land revenue enhancement return

What are the dissimilar fields on form 1042-S?

Tax Form 1042-S

Unique Form Identifier: Yale Academy volition automatically provide a mandatory unique ten-digit numerical identifier on each 1042-South that is filed.

ection-of-Form-1042-S

Box 1 Income Lawmaking: Is a two-digit numerical code used by the U.S Internal Revenue Service (IRS) to identify the blazon of income that was paid to you. Yale University uses the following income codes:

sixteen- Scholarships and fellowship grants
17- Compensation for independent personal services (Contained contractor, Honorarium)
18- Compensation for dependent personal services
19- Compensation for didactics
20- Compensation during studying and training
23- Other income (Awards and Prize payments)

Box 2 Gross Income: The total amount of the income that was paid to yous. This figure will be the total gross income paid by Yale University.

Box 3 Chapter Indicator: Yale University uses Chapter 3, this determines the taxation rule applicable to your payment.

Box 3a Exemption code: 00 Indicates that the payments received from Yale Academy were non exempt from federal income tax withholding. 04 indicates that the payments received from Yale Academy were exempt from federal income tax withholding.

Box 3b Ch. 3 Revenue enhancement rate: If your exemption code in Box 3a is 00 this will display a 14 or thirty percent. If Box 3a displays a 04, this indicates you are tax exempt nether your treaty and volition display 0.

Box 4a Exemption code: Yale University just uses exemption code 16, which is for excluded not-fiscal payments, including wages, scholarships, honoraria, and awards/prizes.

Section of Form 1042-S

Box 7 Federal Taxation Withheld: Yale Academy volition summate your total federal income revenue enhancement withheld by taking the total gross income in box 2 and multiplying it by your assigned revenue enhancement treaty rate in box 3a,3b. This effigy will match your last pay statement and display as "federal withholding income lawmaking sixteen".

Box 8-9 Tax withheld by other agents & tax paid by withholding agent: Non applicable for Yale Academy payments.

Box 10 Full withholding credit: Total amount of federal income taxation that was withheld from the gross payment. This effigy volition ever match your total federal tax withheld in Box 7a, in addition to your last pay statement which volition display every bit "federal withholding income lawmaking 16".

Box xi: Amount repaid to recipient: Non applicable to Yale Academy.

Box 12a:Withholding agent's EIN: Yale University's Federal Revenue enhancement Identification Number.

Box 12b: Ch. 3 status lawmaking: 02: Yale Academy uses 24, "Section 501 (c) entities"

Box 12c: Ch. 4 status code: 02: Yale University uses 24, "Section 501 (c) entities"

Box 12h- 12i: Withholding amanuensis's name and address: This box will display Yale Academy and P.O. Box 208356 New Oasis, CT 06520-8356

Box 13a – 13K: Recipients name, address, country code, and ITIN or SSN: This will display your proper name, address, land code and ITIN (International Taxation Identification Number) or SSN (Social Security Number).

Section17a-of-Form-1042-S