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E-file Form 1042 Extension Online for the 2023 Tax Year

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Understanding Form 1042 Tax Extension

  • File form 7004 with the IRS to obtain an extension for Form 1042, Annual withholding tax return for U.S. Source
    Income of Foreign Persons
  • Once the IRS accepts Form 7004, you will get an automatic extension for up to 6 months to file the Form 1042 tax return.
  • The IRS recommends E-file form 7004 for more efficient processing and updates on the IRS status
    and approval

The Deadline to file Form 1042 Tax Extension is

March 15, 2024

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Form 1042 - An Overview

Form 1042 (Annual Withholding Tax Return for U.S. Source Income of Foreign Persons) is a tax document used in the United States for reporting withholding from the amounts paid to foreign individuals and entities.

The form is typically utilized by withholding agents, such as businesses or financial institutions, to report withholdings on payments made to non-resident aliens, foreign partnerships, foreign corporations, foreign estates, and foreign trusts.

Filing Deadline for Form 1042

Generally, the deadline to file Form 1042 is on or before the 15th day of the third month following the end of the tax year. For withholding agents following a calendar tax year, the deadline for filing Form 1042 is March 15, 2024. If your business doesn’t operate on a calendar year, Find your due date here.

Penalties Associated with 1042 Tax Return

Penalties will be imposed on withholding agents who have not filed their 1042 Form or didn’t get the extension by the deadline. Here are the following penalty rates according to the IRS.

  • Late filing of Form 1042: The penalty for failing to file Form 1042 by the due date (including extensions) is 5% of the unpaid tax for each delayed month up to a maximum of 25%.
  • Late payment of Tax: The penalty for not paying tax is 0.5 % of the unpaid tax for each delayed month. The penalty will not exceed 25% of the unpaid tax.
  • Other Penalties: Other Penalties can be imposed for Form 1042 for the act of negligence, substantial understatement of tax, and fraud.

Filing a Tax Extension for Form 1042

Withholding agent who need more time to prepare their tax returns can request an extension of time by filing Form 7004 with the IRS. Withholding agents who file Form 7004 on or before the original deadline will get up to 6 months of additional time from the IRS. The extension is automatic, and withholding agents are not required to provide any reasons for requesting more time.

note Note: Form 7004 only extends the deadline for filing the 1042 Form, and any pending tax payments must be paid by the original deadline.

File your 1042 Tax Extension with ExpressExtension

ExpressExtension, an authorized e-file provider, offers a complete solution for filing your 1042 Tax extension to e-file Form 7004. With ExpressExtension, you can complete and
e-file your 7004 extension form in minutes and receive instant IRS updates.

State Extension for Form 1042

In addition to filing a federal extension, some states require withholding agents to file an extension with their agency as well.

With ExpressExtension, you can fill out and download tax extensions for certain states.

How do I E-file Form 7004 to get a 1042 Tax Extension?

You can complete and e-file Form 7004 in just 3 simple steps from any device.

  • Choose Form 7004 and provide your basic business information.
  • Select the form for which you are requesting an extension (1042).
  • Enter the form details, complete the tax payment (EFW or EFTPS), and transmit the form to the IRS.
  • Our live support team is available to assist you during the filing process, reach out via email, phone, and live chat.

Avoid IRS late filing penalties by e-filing your 1042 Extension Now!

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