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djliney
Level 3
May 24, 2021
Question

How to report royalties received on a 1042-S?

  • May 24, 2021
  • 1 reply
  • 17 views

My client receives royalties on a 1042-S from the USA and is a Non-resident. How do I report the income?

He was not in the USA all year and he will pay tax on this in Spain>

 

 

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1 reply

sjrcpa
sjrcpa
Level 15
May 24, 2021

1040NR

The more I know the more I don’t know.
    D
    djlineyAuthor
    Level 3
    May 24, 2021

    Yes I know he files a 1040NR but there is no  form to enter a  1042-S. 

    Also if he's covered under the treaty, does he still need to pay tax on the royalties received from a US source ? He will pay tax on these in Spain.

     

    sjrcpa
    sjrcpa
    Level 15
    May 24, 2021

    Enter it as you would any other royalty.

    "covered under the treaty" is pretty vague.

     You need to know specifically what the treaty says about US taxation.

    The more I know the more I don’t know.
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