What to do with the 1042S Form you have received?

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  • Опубліковано 13 бер 2020
  • Check out the updated Video for the 1042-S Tax form 2024 as well:
    • Received email with 10...
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  • Навчання та стиль

КОМЕНТАРІ • 124

  • @boubaker9677
    @boubaker9677 3 роки тому +14

    you have no idea how much you helped me. nearly a week i was buzzing around this. thank you good sir

    • @JuanBorn
      @JuanBorn  6 місяців тому

      You are welcome!! What kind of a business to you run?

  • @danielkean8180
    @danielkean8180 3 роки тому +6

    Thank you so much for this. I was searching all over the internet for a 1042S guide.

    • @JuanBorn
      @JuanBorn  6 місяців тому

      You are welcome :-)

  • @OliPutland
    @OliPutland 3 роки тому +8

    You explained this in a way Amazon simply don’t. God bless you.

    • @JuanBorn
      @JuanBorn  6 місяців тому

      Thank you very much! Happy it helped you. What kind of business do you run?

  • @leeblog8137
    @leeblog8137 25 днів тому

    Thank you so much I was so worried this video is really helpful 😊

  • @jorgepayar106
    @jorgepayar106 4 роки тому +3

    Great video as always Juan!!!

    • @JuanBorn
      @JuanBorn  6 місяців тому

      Muchas gracias Jorge. Que tal estás?

  • @violingardenacademy
    @violingardenacademy 2 роки тому +2

    Thank you! Very helpful!

    • @JuanBorn
      @JuanBorn  6 місяців тому

      Great to hear. Thank you for you comment? Do you have a self-publishing Business?

  • @RobMcQuack
    @RobMcQuack 2 роки тому +1

    Thank you very much for this!

    • @JuanBorn
      @JuanBorn  6 місяців тому

      Thanks for your comment. What kind of business do you run?

  • @IanScottJohnston
    @IanScottJohnston Рік тому +1

    Thanks for the info....very helpful.

    • @JuanBorn
      @JuanBorn  6 місяців тому

      Thanks for your comment. Did you create your LLC in the US?

  • @Guywiththedimpples
    @Guywiththedimpples Рік тому +1

    Bless you for this, took a weight off my shoulders.

    • @JuanBorn
      @JuanBorn  6 місяців тому

      Happy to hear. Do you have a self-publishing business?

  • @Art592.
    @Art592. 3 роки тому +1

    Thanks it was very helpful

    • @JuanBorn
      @JuanBorn  6 місяців тому

      Thank you for your nice comment. What kind of business are you running?

  • @TheBigNegative-PhotoChannel
    @TheBigNegative-PhotoChannel 2 роки тому +1

    Thank you so much!!!!

    • @JuanBorn
      @JuanBorn  6 місяців тому

      You are welcome. How is your UA-cam Channel doing?

  • @azngf
    @azngf 2 роки тому +2

    Thank you friend. :) DANKE!

    • @JuanBorn
      @JuanBorn  6 місяців тому

      Your are welcome!. What kind of business do you have?

  • @yasabdul4962
    @yasabdul4962 2 роки тому +1

    Thank you so so so much. My form had $3 on 7a, I didn't know what that meant, thank you for explaining it.

    • @JuanBorn
      @JuanBorn  6 місяців тому +1

      Your welcome. Do you have a self-publishing business?

    • @yasabdul4962
      @yasabdul4962 6 місяців тому

      @@JuanBorn Hi. I have a You Tube channel based in the UK with 15,000 subscribers but minimum revenue from adverts as most of my viewers are in Middle East (it’s a health education Arabic channel). Kind regards.

  • @kenmercermusic
    @kenmercermusic 2 роки тому +1

    Thank you!

    • @JuanBorn
      @JuanBorn  6 місяців тому

      Your welcome. Thanks for your comment? Do you have a self-publishing business?

  • @1DERFUL
    @1DERFUL 2 роки тому +1

    Thank you

    • @JuanBorn
      @JuanBorn  6 місяців тому

      You are welcome! Do you have a self-publishing business?

  • @mujthabahassan7614
    @mujthabahassan7614 2 роки тому +1

    Great video

    • @JuanBorn
      @JuanBorn  6 місяців тому

      Thank you very much!!! What kind of business do you run?

  • @EliminatorPerformance
    @EliminatorPerformance 2 роки тому +4

    Hey, I'm a Canadian UA-camr and have just (for the 1st time) received a 1042-S. I am tax exempt under the treaty, and the federal tax and credit box is 0. However, it says there is $16,254 in gross revenue. How exactly do they calculate that amount? Considering I've earned more than that in the year 2021. How is the gross revenue calculated? Is this money they originally withheld, but will transfer to me? Or is this something that they've already transferred? Perhaps it's money they've withheld, and I owe to the Canadian government? Thank you for your time.

    • @XIMCentral
      @XIMCentral 2 роки тому +2

      Hey, did you find an answer to this question? As for your earnings, they only list what you earned from US viewers, so they exclude all international earnings.

    • @EliminatorPerformance
      @EliminatorPerformance 2 роки тому +2

      @@XIMCentral that would make sense, and no but I've made an appointment with my accountant so we'll be looking into it.

    • @Pawpawmission
      @Pawpawmission Рік тому +1

      @@EliminatorPerformance Any updates?

    • @JuanBorn
      @JuanBorn  6 місяців тому

      As far as I understand this the amount of tax they have withheld and have to pay the US Government. So, this is the tax they have paid the US so you don´t have to worry about. If there is a tax treaty (which there is between Canada and the US) you might be able to deduct it from your Canadian taxes. But always talk to a local CPA/ Accountant / Tax Specialist. How is your UA-cam Channel going? Any tips for me?

    • @JuanBorn
      @JuanBorn  6 місяців тому

      Thanks for chipping in. Yes, as a far as I understand it is what they have withheld and pay to the IRS, so you don´t have to do it yourself. Do you also have a UA-cam Channel?

  • @residualroyaltyacademy
    @residualroyaltyacademy 4 роки тому +1

    Thanks! Do they send this in the post? Or online somehow?

    • @JuanBorn
      @JuanBorn  4 роки тому

      I didn´t get it this year, because I have moved all the activity to the US. So I have received a 1099 MISC Form back in January. But they send you an Email where they tell you can find it on your on taxcentral.amazon.com (or attach it I don´t remember). You can always go to taxcentral.amazon.com -> Tax Interview -> Find Forms.

    • @residualroyaltyacademy
      @residualroyaltyacademy 4 роки тому

      @@JuanBorn thanks Juan, just got it by email

  • @doobyboy21
    @doobyboy21 2 місяці тому +1

    Hopefully this is still relevant for the 2023 1042-S tax form

    • @JuanBorn
      @JuanBorn  2 місяці тому +1

      Thanks for the comments. I have released an updated video over 2023/2024, here is the direct link:
      ua-cam.com/video/fRDKrvlJpdM/v-deo.html
      Likes and subscribers are appreciated.

  • @SeanVala
    @SeanVala 2 роки тому +2

    Im from India and my federal tax withheld is 81. what do I do now?

    • @JuanBorn
      @JuanBorn  6 місяців тому

      It´s the amount pay to the US Government, so you don´t have to pay it yourself. Ask your Indian accountant if you can deduct it from your Indian Taxes...

    • @JuanBorn
      @JuanBorn  6 місяців тому

      I have the same issue in Spain. Online stuff is also complicated for my local accountant. What kind of business do you have?

  • @Blast3rHD
    @Blast3rHD 2 роки тому +1

    Sorry, i'm italian. I have Just seen your video. I have a question... This form arrived at my home, for UA-cam. Now what have i do? I think nothing.

    • @royalehighfacts
      @royalehighfacts 2 роки тому

      Any updates?

    • @kazureiko5259
      @kazureiko5259 2 роки тому +1

      I just received it today empty form that I need to fill I guess

    • @JuanBorn
      @JuanBorn  6 місяців тому

      Not much. Just share it with your Italian Accountant and ask him if you can do anything. Probably not. What kind of business do you run?

    • @JuanBorn
      @JuanBorn  6 місяців тому

      Yes, just updated my comments

    • @JuanBorn
      @JuanBorn  6 місяців тому

      Empty form? That is strange? What did you do with it?

  • @Soto-Tech2020
    @Soto-Tech2020 2 роки тому +2

    Thanks for the video. I have received this 1042-S but I'm not an Amazon seller. I have 2 UA-cam channels. One where I make songs for people to learn, revise or practise certain topics in Spanish but it's not monetised yet so no income from it. The other one is this one but I have made less than £400 in 2021‐2022. What's happening here?

    • @AdamMuizTV
      @AdamMuizTV 2 роки тому +1

      mine from google adsense to

    • @JuanBorn
      @JuanBorn  6 місяців тому +1

      Did Google send them to you?

  • @denismoncada04
    @denismoncada04 3 роки тому +2

    Hi, great video, I’m a recently Investor in the US market and a Non Us resident, so as a non us resident we don’t have to pay taxes at all to the Us? And this form 1042-S it’s to report taxes in our country?

    • @xsarelo111
      @xsarelo111 3 роки тому +1

      Hi. I'm in the same situation and still not clear on what to do with the form 1042-S.
      Do you have any information? Is this something we have to pay? How? I'm not a US citizen or resident. Thanks.

    • @IXynb
      @IXynb 2 роки тому +2

      @@xsarelo111 any news on this?

    • @JuanBorn
      @JuanBorn  6 місяців тому

      @dinesmocanada04, I don´t have any experience with more general investments in the US Market (as a non resident). My advice is to contact a Certified Public Accountant in the United States.

  • @paxetbonum5200
    @paxetbonum5200 Рік тому +2

    Good day Sir, i would like to ask if how can get or find a US account because i have a question regarding in this form. The amazon have emailed me about IRS w-8 , that i need to fill up this form or to give TIN. But based on your explanation which happened also in my case if my 7a federal tax witheld is 0 i dont have to anything. Mine 7a is 0 . Can you ask a piece of advice from you on should I do. Thank You

    • @JuanBorn
      @JuanBorn  6 місяців тому +1

      Thanks for your reply. The W-8 form is a form to tell the IRS (US Tax Organization) that you are not a US Citizen and that you are not have to pay income tax in the United States. So, I would fill that in as soon as possible.
      What kind of business do you run?

  • @carolinaflaker8113
    @carolinaflaker8113 Рік тому +1

    Hi, thanks for the video. I have 2 1042-S forms. One have a $200 withheld, and the other one has $2880 withheld. This is the first time filling. I'm so confused... And the deadline is on Tuesday. I'm outside the US. I have no idea where am I supposed to file it. I know now we need to file a 1010 NR, but where? And what else should we file? Help! How can I contact you?

    • @JuanBorn
      @JuanBorn  6 місяців тому

      Hi @Carolinaflaker8113, thanks for your comment. If you are not based in the United States and you don´t have a company in the United States you don´t have to file anything in the United States. Don´t worry. As I explain in the video this is just FYI which you can share with your local account (and they probably ignore it anyway). Hope this helps :-) Let me know if you have any specific questions.

  • @SarahSmurFK
    @SarahSmurFK 2 роки тому +3

    Hello, what does "7a" stand for in 7a federal tax withheld ?
    If my country has a tax treaty with the us ( subject to 10%) and my 7a federal tax withheld is 10...should i do anything about it ?

    • @JuanBorn
      @JuanBorn  6 місяців тому

      Just share it with your local tax accountant? Please let me know in the comments what he said about it. Thanks.

  • @RuferOfficial
    @RuferOfficial 2 роки тому +1

    hello, I just got one of these in my email for my UA-cam absence earnings. My Federal tax withheld if 0 but I don't have an accountant so, am I good not doing anything. Don't see why not if even sending it to an accountant, they would do nothing with it.

    • @Blast3rHD
      @Blast3rHD 2 роки тому +2

      Hi Rufer, i'm italian in your same situation. I have Just seen the video. Also my Federal tax withheld are 0... And so? What have i do?

    • @JuanBorn
      @JuanBorn  6 місяців тому

      Correct. 99% of the cases they do nothing with it. But here on UA-cam can´t give any legal, financial or tax advice and I don´t know anyone´s personal situation. That´s why I advice to share it with an accountant who knows your personal (tax) situation.

    • @JuanBorn
      @JuanBorn  6 місяців тому

      Just share it with your accountant.

  • @TheRollingBear
    @TheRollingBear 2 роки тому +1

    so is 7a is 0 , than do absolutely nothing? Because i don`t understand what you mean with `` 7a 0 it it KDP, ACX , D2D has withheld a lot of taxes`` . I have just standing 0 there on my formular

    • @JuanBorn
      @JuanBorn  6 місяців тому

      Then you are fine. Nothing you have to do :-) But always double check with your local accountant of course. I am not allowed to give you financial or tax advice.

  • @msodicka
    @msodicka Рік тому +1

    My 7a is 23 ? What to do? I'm from Serbia..please help😢

    • @bratishka.oficijalno
      @bratishka.oficijalno 8 місяців тому

      Šta si uradila sa formom? I ja sam dobio isto.

    • @JuanBorn
      @JuanBorn  6 місяців тому

      Share it with your local accountant in Serbia and tell them this is the amount of money your business paid to the United States. Does Serbia have a tax-treaty with the US? What kind of business do you run?

  • @MadeByHuss
    @MadeByHuss 2 роки тому

    hello I have one but dont sale anything on amazon is this fake?

    • @RuferOfficial
      @RuferOfficial 2 роки тому +1

      it's for your UA-cam revenue, I got one to.

    • @FPLogistic
      @FPLogistic 2 роки тому +1

      @Vio Music Studio I also recieved the same. Let me know what you do with yours, I'm thinking I don't have to do anything since my tax withheld is pretty low

    • @JuanBorn
      @JuanBorn  6 місяців тому

      Yes, Amazon isn´t the only one sending this out. What kind of business do you run?

  • @paxetbonum5200
    @paxetbonum5200 Рік тому +1

    Good day ,
    Please help me how can I find an accountant regarding this form. I'm here living in italy right now..thanks for the help

    • @JuanBorn
      @JuanBorn  6 місяців тому

      Just show it to the accountant you use in Italy. He will probably ignore it. Let me know if you have anymore questions?

  • @shaytham3309
    @shaytham3309 3 роки тому +2

    Do we have to file the report even if we raised just about 15$? Is there some money limit?

    • @argazboutamart5595
      @argazboutamart5595 3 роки тому +1

      Any answer ???

    • @Messmeryzed409
      @Messmeryzed409 3 роки тому +1

      +1

    • @JuanBorn
      @JuanBorn  6 місяців тому

      This is just an inform that people who are not registered tax payers in the US receive. If you want you can share it with your accountant, he / she will know the best what to do with this...
      What kind of business do you run?

    • @JuanBorn
      @JuanBorn  6 місяців тому

      Yes

    • @JuanBorn
      @JuanBorn  6 місяців тому

      Thanks

  • @NotStelix
    @NotStelix Рік тому +2

    Do i need to send the form somewhere?

    • @JuanBorn
      @JuanBorn  6 місяців тому

      Share it with your local accountant. Let me know if you have anymore questions?

  • @abhaysharma6429
    @abhaysharma6429 4 роки тому +1

    Hey, thanks for the video! How could I get a duplicate copy of this form if I lost it?

  • @ayahuaskafashion
    @ayahuaskafashion 3 роки тому +2

    If 7a federal tax withheld is 16 then what to do it ?

    • @camifenix
      @camifenix 2 роки тому +1

      @Radhika, what did u do?

    • @joninjl
      @joninjl 2 роки тому +1

      I have 640$ as federal tax withheld, what to do now in that case

    • @doverbeachxyz
      @doverbeachxyz 2 роки тому +1

      @@joninjl same here 350$ witheld, what did you guys do? Do we have to report something to irs? or the amount has been witheld and it's for informational purposes only? I don't really know what to do. I'm from Italy

    • @antonoise
      @antonoise 2 роки тому

      @@doverbeachxyz fra che si deve fare con sto modulo? Mi è appena arrivato

    • @doverbeachxyz
      @doverbeachxyz 2 роки тому

      @@antonoise ti serve per fare la dichiarazione dei redditi in Italia, devi sentire chi ti cura la dichiarazione dei redditi e farglielo vedere. PS come hai fatto a capire che sono italiano?

  • @LeilaRosette
    @LeilaRosette Рік тому +1

    I'm from Canada. I got this form for the first time since I earn money with UA-cam and AdSense. It added as an additional income and I had to pay $500 worth in taxes. 😒

    • @JuanBorn
      @JuanBorn  6 місяців тому

      Sorry to hear. The tax rules differ per country. Thanks for sharing this.

    • @BeautyFashionM
      @BeautyFashionM Місяць тому +1

      ​@@JuanBornSe puede pedir reembolso de impuestos para los extranjeros que trabajamos para EEUU con ese formulario 1042-S?

    • @BeautyFashionM
      @BeautyFashionM Місяць тому

      Pediste reembolso de impuestos?

    • @JuanBorn
      @JuanBorn  Місяць тому

      ​@@BeautyFashionM In Estados Unidos no. Habla con tu gestor en España (o en tu país) para evitar pagar impuestos doubles.

  • @Thepursuitoftastiness
    @Thepursuitoftastiness 9 місяців тому +1

    I have a "2" in field 7a... What does it mean? I don't even know why I received this form

    • @JuanBorn
      @JuanBorn  6 місяців тому

      Amazon sends to 1042 to everyone who isn´t registered in the US to pay tax and pays tax in their country of residence. This form is just an inform.

  • @Gian-ni
    @Gian-ni Рік тому +1

    where do I see the amount upon which tax has to be calculated? ...The tax that I have to pay to my Government (not to the US).

    • @JuanBorn
      @JuanBorn  6 місяців тому

      You can´t see that on this form. This form just communicates what is paid to the US Government. What kind online business do you run?

    • @Gian-ni
      @Gian-ni 6 місяців тому +1

      @@JuanBorn I don't run any business and I don't live in the US.

    • @JuanBorn
      @JuanBorn  6 місяців тому

      @@Gian-ni ok. Thanks for your reply. Strange you received the form. Do you know why?

    • @Gian-ni
      @Gian-ni 6 місяців тому

      I don't @@JuanBorn

  • @liosjourney6940
    @liosjourney6940 3 роки тому +1

    Hi Juan, can I contact you by email? thank you

    • @JuanBorn
      @JuanBorn  3 роки тому

      Hi Kuno, you can join the FB Group with the European Self Publishers: facebook.com/groups/europeanselfpublishingfaq and ask questions there.

  • @jkworld5900
    @jkworld5900 3 роки тому +1

    Hello, i have an EIN and i want to pay my taxes of 1042-s forM 2019, can you help me?

    • @jkworld5900
      @jkworld5900 3 роки тому

      Knowing that i'm non resident

    • @JuanBorn
      @JuanBorn  6 місяців тому

      Thank you very much for your support. I have been actively making new videos the last 3 months again. Are you still in self-publishing?

  • @joninjl
    @joninjl 2 роки тому +1

    Hi Juan,
    Help me to get back my tax refund from IRS, I have more than 640$ as federal tax withheld, I will pay you for your services.

    • @JuanBorn
      @JuanBorn  6 місяців тому

      I am not licensed to help you. But contact me directly if you want to get my CPA´s contact details