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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Juan M. Born
Digital Freedom by JB
European Self-Publishers FAQ Facebook Group - Навчання та стиль
you have no idea how much you helped me. nearly a week i was buzzing around this. thank you good sir
You are welcome!! What kind of a business to you run?
Thank you so much for this. I was searching all over the internet for a 1042S guide.
You are welcome :-)
Thank you so much I was so worried this video is really helpful 😊
You explained this in a way Amazon simply don’t. God bless you.
Thank you very much! Happy it helped you. What kind of business do you run?
Great video as always Juan!!!
Muchas gracias Jorge. Que tal estás?
Thank you very much for this!
Thanks for your comment. What kind of business do you run?
Thank you! Very helpful!
Great to hear. Thank you for you comment? Do you have a self-publishing Business?
Thanks for the info....very helpful.
Thanks for your comment. Did you create your LLC in the US?
Thank you friend. :) DANKE!
Your are welcome!. What kind of business do you have?
Bless you for this, took a weight off my shoulders.
Happy to hear. Do you have a self-publishing business?
Thank you so much!!!!
You are welcome. How is your UA-cam Channel doing?
Thank you!
Your welcome. Thanks for your comment? Do you have a self-publishing business?
Thanks it was very helpful
Thank you for your nice comment. What kind of business are you running?
Great video
Thank you very much!!! What kind of business do you run?
Thank you so so so much. My form had $3 on 7a, I didn't know what that meant, thank you for explaining it.
Your welcome. Do you have a self-publishing business?
@@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.
Thank you
You are welcome! Do you have a self-publishing business?
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.
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.
@@XIMCentral that would make sense, and no but I've made an appointment with my accountant so we'll be looking into it.
@@EliminatorPerformance Any updates?
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?
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?
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.
Any updates?
I just received it today empty form that I need to fill I guess
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?
Yes, just updated my comments
Empty form? That is strange? What did you do with it?
Im from India and my federal tax withheld is 81. what do I do now?
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...
I have the same issue in Spain. Online stuff is also complicated for my local accountant. What kind of business do you have?
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
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?
Thanks! Do they send this in the post? Or online somehow?
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.
@@JuanBorn thanks Juan, just got it by email
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?
mine from google adsense to
Did Google send them to you?
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?
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.
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 ?
Just share it with your local tax accountant? Please let me know in the comments what he said about it. Thanks.
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?
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.
@@xsarelo111 any news on this?
@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.
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
Just show it to the accountant you use in Italy. He will probably ignore it. Let me know if you have anymore questions?
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.
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?
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.
Just share it with your accountant.
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
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.
Hopefully this is still relevant for the 2023 1042-S tax form
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.
Do i need to send the form somewhere?
Share it with your local accountant. Let me know if you have anymore questions?
I have a "2" in field 7a... What does it mean? I don't even know why I received this form
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.
My 7a is 23 ? What to do? I'm from Serbia..please help😢
Šta si uradila sa formom? I ja sam dobio isto.
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?
Do we have to file the report even if we raised just about 15$? Is there some money limit?
Any answer ???
+1
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?
Yes
Thanks
Hey, thanks for the video! How could I get a duplicate copy of this form if I lost it?
Contact the IRS
hello I have one but dont sale anything on amazon is this fake?
it's for your UA-cam revenue, I got one to.
@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
Yes, Amazon isn´t the only one sending this out. What kind of business do you run?
If 7a federal tax withheld is 16 then what to do it ?
@Radhika, what did u do?
I have 640$ as federal tax withheld, what to do now in that case
@@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
@@doverbeachxyz fra che si deve fare con sto modulo? Mi è appena arrivato
@@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?
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).
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?
@@JuanBorn I don't run any business and I don't live in the US.
@@Gian-ni ok. Thanks for your reply. Strange you received the form. Do you know why?
I don't @@JuanBorn
Hello, i have an EIN and i want to pay my taxes of 1042-s forM 2019, can you help me?
Knowing that i'm non resident
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?
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 $500 worth in taxes. 😒
Sorry to hear. The tax rules differ per country. Thanks for sharing this.
@@JuanBornSe puede pedir reembolso de impuestos para los extranjeros que trabajamos para EEUU con ese formulario 1042-S?
Pediste reembolso de impuestos?
@@BeautyFashionM In Estados Unidos no. Habla con tu gestor en España (o en tu país) para evitar pagar impuestos doubles.
Hi Juan, can I contact you by email? thank you
Hi Kuno, you can join the FB Group with the European Self Publishers: facebook.com/groups/europeanselfpublishingfaq and ask questions there.
Hi Juan,
Help me to get back my tax refund from IRS, I have more than 640$ as federal tax withheld, I will pay you for your services.
I am not licensed to help you. But contact me directly if you want to get my CPA´s contact details