So basically u dont have to do anything? Its just a file to inform you how much they take taxes ? And if for example it says tax withheld like 1000. So its mean that they took 1000 .thanks. and i dont need to send it anywhere? Do i ? Thank you
Yes, basically you don´t have to do anything. But maybe you didn´t fill in your W8-BEN correctly and they didn´t apply the correct tax-treaty, so you can check that. And try to deduct these taxes in your home country. If you have any additional questions, you can book a short call with me here: calendly.com/juan_born/1-1-juan-born-stripe-25-mins-for-25-dollars
Thanks for your comment. That is indeed strange. Why did they withheld federal tax of $1 when you had no net income? Maybe dividend payouts aren´t counted as net income and are taxed. Just guessing. Try to contact Interactive Brokers, tell them you are confused about this and ask them if they can verify and explain. I don´t think $1 justifies hiring an official US CPA. Let me know if I can help you with anything else.
Hello thank you for the effort in explaining everything! Appreciate it. Just a question, when you say “you don’t need to do anything” do you mean that “you don’t have to include it (report it) on your tax return”? Thanks in advance.
Hi Santos, sorry it was a waste of time for you. There are 3 different cases which can I apply. If you didn´t pay any US Taxes, the field is 0, you don´t have to do anything. If you did pay taxes and you country has a treaty with the US, discuss it with a local tax account in your country, if you can deduct it from the taxes you pay locally. Of course, I am not allowed to give you legal advice about taxes in every country in the world. That´s impossible. That´s why I advice you to talk to a local account / cpa in case you have paid taxes in the US. (But in 99% of the cases you can´t deduct it because the US Company paid it to the US IRS, not you).
Hello Juan, thanks for this video. I am from Portugal and just received the 1042S from a company I worked with. Income code is the 23, Gross Income 1000 and the 7a is -0-. Not one accountant in my city as ever worked with the US taxes, nor with a case as mine when it comes to source of income so I´m confused as to what should I do now. There is one accountant asking me to fill in the 1042NR, do I still need to fill it if there is a double treaty between the countries?
I am not a legal tax advisor and I am not allowed to give you official tax advice. That said: If there is a tax treaty between Portugal and the US to avoid double taxation and you don´t plan to move the US and live there in the next 7 years, I wouldn´t bother filing the 1040NR form, because you didn´t pay any US Taxes 7a is zero.
I just got a 1042-s, net income is blank yet Federal tax withheld is 1000 approx. What the hell is going on. Total withholding credit is approx $1000. I'm lost.
Hi, so I don’t have to do anything if I have 8 in 7a coloumn I am trying to file tax in Canada with turbo I am not able to figure out how do I report on there ?
My daughter received a 1042s but she is a resident alien for tax purposes in the US, she models in NY and the agency know she lives there, she was on a 01 visa for years and claimed worldwide income in the US for yrs. The income code on the 1042 is 23 and they withheld federal taxes of 1,458. Her previous tax preparer used to just add it to her schedule C because as a model it is self employment and he attached the form to her schedule C and mailed it. She is using turbo tax this year but it doesn’t show 1042s under self employment only 1099’s and someone suggested she report it as other reportable income but if she does that it will show up on schedule 1 as other income and not buisness income and she will lose out on claiming expenses that she is entitled to. She got married to a US citazen last July and they want to file married filing jointly and are trying TurboTax tax. What do you think she should do?
Thanos for yoir question. Contact the organization who send you to 1042S and provide them the correct info regarding citizenship. After that they will probably send a 1099 form. You'll need to hire a professional CPA to get that money back probably...
Hello, If google adsense did not send 1042S form, and they are saying your not eligible or didn't make enough earnings to send any tax document , do I have to report the icome knowing that it is less than 900$ per year. I am a non resident alien living in the US(no treaties with home country). Thank you for the amazing video.
I do have a question. My field 7a says an amount bigger than 0. I live in the Netherlands but I read we have tax treaty with USA. But still, they withheld an amount. I've filled in a W-8BEN-E form 2 years ago. It's about TH-cam adsense, can you help me? Do I need to fill in something to prevent this in the future, and can I still claim that amount of money? Since you say a tax treaty country have a 0% tax rate, im kinda in de war
HaHa, kind of in de war. Ik ben ook Nederlander zoals je gehoord hebt. Hier kan je een meeting boeken voor 30 minuten om jouw specifieke situatie te bekijken ($25) calendly.com/juan_born/1-1-juan-born-questions
Did you watch the video? I cannot give you financial or legal advice. I am sorry. My advice is to look for Certified Public Accountant, who is certified to help you.
Thanks for the 'easy-to-follow' explanation. My federal tax withheld is zero. I'm in Italy BTW. So I don't need to send the forms anywhere? Is that all?
@@JuanBorn I have an issue TH-cam did not pay me last month. What I mean is that my threshold wasnt updated. Are you sure this 1042S document is not to be sent back to google? Can the failure to send back this document affect my TH-cam payments? I searched on google an it says I have to report my Form 1042-S. So the question is where and how??
@@RobertsDigitalStep 1: Check your account details for TH-cam / Google. Make sure it´s ok. Step 2: Try to contact support and ask for help. Step 3: If Step 1 and 2 don´t get it fixed. Get a Legal / Finacial advisor.
@@RobertsDigital login to your account when you try to contact them. They are very good in hiding it to avoid an overload of their support desk. I never had to contact them, but use Google, ChatGPT for to find how to contact support as well...
Hello. I was trying to find the way to ask you something. How about If in section 7a it is says federal tax withheld $1 and section 2 is $4 do we have to pay anything or start looking for accountant? We have never been in US. I am absolutley shocked because I dont know what to do. Please help
Hi @Dragonballshots9709, this means that you have made $4 and that they have paid $1 on your behalf. Don´t worry you don´t have to start looking for an accountant in the US.I assume you already pay taxes in your local country. If you have any additional questions, feel free to book a short call with me: calendly.com/juan_born/1-1-juan-born-stripe-25-mins-for-25-dollars
Depends. You can consult your local accountant if you can deduct the taxes you paid in the US from the taxes in your country of residence. But hard to help you without detailed info...
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This was so so so helpful and so easy to understand for my disabled brain, too. Thank you so much for this.
Hi Hannah, thank you very much for your very positive feedback:-)
LOVE this video it's very helpful
Thank you @Tammyspam
So basically u dont have to do anything? Its just a file to inform you how much they take taxes ? And if for example it says tax withheld like 1000. So its mean that they took 1000 .thanks. and i dont need to send it anywhere? Do i ? Thank you
Yes, basically you don´t have to do anything. But maybe you didn´t fill in your W8-BEN correctly and they didn´t apply the correct tax-treaty, so you can check that. And try to deduct these taxes in your home country.
If you have any additional questions, you can book a short call with me here:
calendly.com/juan_born/1-1-juan-born-stripe-25-mins-for-25-dollars
thanks bruv. vid was better than reading websites
Thanks for your feedback.
Thanks for info!
Very usefull
thanks for commenting! Great you found it useful
Yes. First year on youtube pay@@JuanBorn
I received a 1042s form from interactive brokers. My net income is blank and my federal tax withheld is 1. I'm from Jamaica 🇯🇲
Thanks for your comment. That is indeed strange. Why did they withheld federal tax of $1 when you had no net income? Maybe dividend payouts aren´t counted as net income and are taxed. Just guessing. Try to contact Interactive Brokers, tell them you are confused about this and ask them if they can verify and explain. I don´t think $1 justifies hiring an official US CPA. Let me know if I can help you with anything else.
Hello there I received Form 1042-S with income code 12,Gross income 159 and 7a is 48 what does it mean?
Hello thank you for the effort in explaining everything! Appreciate it. Just a question, when you say “you don’t need to do anything” do you mean that “you don’t have to include it (report it) on your tax return”? Thanks in advance.
Always share the info with your Accountant / CPA. Maybe they want to include it.
Mr Born, tell us how to put this on my G__Damn income tax forms. A waste of time for me!
Hi Santos, sorry it was a waste of time for you. There are 3 different cases which can I apply. If you didn´t pay any US Taxes, the field is 0, you don´t have to do anything. If you did pay taxes and you country has a treaty with the US, discuss it with a local tax account in your country, if you can deduct it from the taxes you pay locally. Of course, I am not allowed to give you legal advice about taxes in every country in the world. That´s impossible. That´s why I advice you to talk to a local account / cpa in case you have paid taxes in the US. (But in 99% of the cases you can´t deduct it because the US Company paid it to the US IRS, not you).
Hello Juan, thanks for this video. I am from Portugal and just received the 1042S from a company I worked with. Income code is the 23, Gross Income 1000 and the 7a is -0-.
Not one accountant in my city as ever worked with the US taxes, nor with a case as mine when it comes to source of income so I´m confused as to what should I do now.
There is one accountant asking me to fill in the 1042NR, do I still need to fill it if there is a double treaty between the countries?
I am not a legal tax advisor and I am not allowed to give you official tax advice.
That said: If there is a tax treaty between Portugal and the US to avoid double taxation and you don´t plan to move the US and live there in the next 7 years, I wouldn´t bother filing the 1040NR form, because you didn´t pay any US Taxes 7a is zero.
I just got a 1042-s, net income is blank yet Federal tax withheld is 1000 approx. What the hell is going on. Total withholding credit is approx $1000. I'm lost.
Very strange indeed. Which company send you the 1042-S form?
Hi, so I don’t have to do anything if I have 8 in 7a coloumn I am trying to file tax in Canada with turbo I am not able to figure out how do I report on there ?
I need to have more info: Feel free to book a call with me here:
calendly.com/juan_born/1-1-juan-born-stripe-25-mins-for-25-dollars
My daughter received a 1042s but she is a resident alien for tax purposes in the US, she models in NY and the agency know she lives there, she was on a 01 visa for years and claimed worldwide income in the US for yrs. The income code on the 1042 is 23 and they withheld federal taxes of 1,458. Her previous tax preparer used to just add it to her schedule C because as a model it is self employment and he attached the form to her schedule C and mailed it. She is using turbo tax this year but it doesn’t show 1042s under self employment only 1099’s and someone suggested she report it as other reportable income but if she does that it will show up on schedule 1 as other income and not buisness income and she will lose out on claiming expenses that she is entitled to. She got married to a US citazen last July and they want to file married filing jointly and are trying TurboTax tax. What do you think she should do?
Thanos for yoir question. Contact the organization who send you to 1042S and provide them the correct info regarding citizenship. After that they will probably send a 1099 form. You'll need to hire a professional CPA to get that money back probably...
Hello,
If google adsense did not send 1042S form, and they are saying your not eligible or didn't make enough earnings to send any tax document , do I have to report the icome knowing that it is less than 900$ per year. I am a non resident alien living in the US(no treaties with home country).
Thank you for the amazing video.
Thanks for your question. I cannot give you general advice not knowing your specific situation. My advice is to consult a tax professional / CPA
I do have a question. My field 7a says an amount bigger than 0. I live in the Netherlands but I read we have tax treaty with USA. But still, they withheld an amount. I've filled in a W-8BEN-E form 2 years ago. It's about TH-cam adsense, can you help me? Do I need to fill in something to prevent this in the future, and can I still claim that amount of money?
Since you say a tax treaty country have a 0% tax rate, im kinda in de war
HaHa, kind of in de war. Ik ben ook Nederlander zoals je gehoord hebt.
Hier kan je een meeting boeken voor 30 minuten om jouw specifieke situatie te bekijken ($25)
calendly.com/juan_born/1-1-juan-born-questions
Ik heb je een email gestuurd. Heb je die goed ontvangen?
Hi sir
Can you help me to understand what they sent to me!
Please give me a way to contact you directly
Did you watch the video? I cannot give you financial or legal advice. I am sorry. My advice is to look for Certified Public Accountant, who is certified to help you.
Here is how you can contact me:
calendly.com/juan_born/1-1-juan-born-stripe-25-mins-for-25-dollars
Hi juan I received my 2022 & 2023 my federal tax is 0, net income 0, and withholding 0 do I still need to report if everything is 0? I live in canada
No, you should be fine. See above video explaining the different situations (including yours) :-)
Thank you I don't need to report in Canada?
If you are a tax resident un Canada you will need report in Canada over the money you made. Talk to a local accountant/ cpa.
Also I have 53 in dividend income under gross income section on form 1042-S can you please help ?
I need to have more info: Feel free to book a call with me here:
calendly.com/juan_born/1-1-juan-born-stripe-25-mins-for-25-dollars
Thanks already paying to online turbo software but appreciate your help
Thanks for the 'easy-to-follow' explanation.
My federal tax withheld is zero. I'm in Italy BTW.
So I don't need to send the forms anywhere?
Is that all?
Yes, done
@@JuanBorn I have an issue
TH-cam did not pay me last month. What I mean is that my threshold wasnt updated.
Are you sure this 1042S document is not to be sent back to google?
Can the failure to send back this document affect my TH-cam payments?
I searched on google an it says I have to report my Form 1042-S.
So the question is where and how??
@@RobertsDigitalStep 1: Check your account details for TH-cam / Google. Make sure it´s ok.
Step 2: Try to contact support and ask for help.
Step 3: If Step 1 and 2 don´t get it fixed. Get a Legal / Finacial advisor.
@@JuanBorn how do I contact support?
@@RobertsDigital login to your account when you try to contact them. They are very good in hiding it to avoid an overload of their support desk. I never had to contact them, but use Google, ChatGPT for to find how to contact support as well...
Hello. I was trying to find the way to ask you something. How about If in section 7a it is says federal tax withheld $1 and section 2 is $4 do we have to pay anything or start looking for accountant? We have never been in US. I am absolutley shocked because I dont know what to do. Please help
Hi @Dragonballshots9709, this means that you have made $4 and that they have paid $1 on your behalf. Don´t worry you don´t have to start looking for an accountant in the US.I assume you already pay taxes in your local country. If you have any additional questions, feel free to book a short call with me:
calendly.com/juan_born/1-1-juan-born-stripe-25-mins-for-25-dollars
it's possible to get tax return after receiving form 1042s as Non-US residents(TH-camr)
Depends. You can consult your local accountant if you can deduct the taxes you paid in the US from the taxes in your country of residence. But hard to help you without detailed info...
BELLA
Grazie