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Form 1042-S Explained

Form 1042-S is the per-recipient form that US payers send to non-residents reporting US-source income paid during the year. As a Wyoming LLC owner, you may receive 1042-S from US payers (Stripe, Amazon, etc.) showing withholding applied.

Answer

Form 1042-S is the per-recipient form US payers issue to non-residents reporting US-source income paid and tax withheld during the year. As a non-resident Wyoming LLC owner, you may receive 1042-S from US payers if they withheld US tax on payments to you (or your LLC). The form shows gross income, withholding rate, and amount withheld. Use 1042-S to verify withholding amounts and to claim foreign tax credits in your home country if applicable.

By Zawwad, Founder & CEO, WyomingLLC by Topslice LLC.

Last updated May 20, 2026

What 1042-S shows

  • Gross US-source income paid to you during the year
  • Type of income (dividends, royalties, interest, etc.)
  • Withholding rate applied (30% default, or treaty rate)
  • Amount withheld
  • Country of residence
  • Your TIN (EIN, ITIN, or foreign tax ID)

When you receive 1042-S

  • Stripe issues 1042-S for US-source payouts subject to withholding
  • Amazon Affiliates issues 1042-S for affiliate commissions to non-residents
  • YouTube (Google) issues 1042-S for AdSense revenue subject to withholding
  • US clients who withhold tax on royalty or service payments issue 1042-S
  • Forms are typically sent by March 15 of the following year

What to do with 1042-S

  1. Verify the withholding amount matches what the payer actually withheld from your payouts
  2. Save 1042-S in your tax records (7-year retention)
  3. Use 1042-S to claim foreign tax credit in your home country (where treaty allows)
  4. Reconcile against your bookkeeping
  5. If amounts are wrong, contact the payer to issue a corrected 1042-S

Frequently asked questions

What if I never received 1042-S from a payer?
If the payer paid you US-source income and withheld tax, they should issue 1042-S by March 15. Contact them if you do not receive it.
Do I file 1042-S?
No. The PAYER files 1042-S; you RECEIVE it. You then use it to reconcile your records and claim foreign tax credits at home.
Does Stripe issue 1042-S?
Yes for US-source payouts subject to withholding. Most non-resident Stripe users with proper W-8BEN-E receive 0% withholding and may not get 1042-S.
Should I get one for every US payment?
Only for US-source FDAP payments subject to (or potentially subject to) US tax withholding. Service payments to your LLC for services performed outside the US typically do not trigger 1042-S.

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