On December 13, 2021, the IRS published 2022 Form 1042-S. There are a number of changes to codes:
- Box 1 Income Code.
- Dividend Code 40 Other dividend equivalents under IRC section 871(m). Updated to remove the reference to section 871(l).
- New Dividend Code 56 Dividend equivalents under IRC section 871(m) as a result of applying the combined transaction rules.
- New Other Income Code 57 Amount realized under IRC section 1446(f).
- Boxes 12b, 12c, 13f, 13g, 15b, 15c, 16d, and 16e.
- Type of Recipient, Withholding Agent, Payer, or Intermediary Code. Chapter 3 Status Codes.
- 2022 Code 08 Partnership other than Withholding Foreign Partners or Publicly Traded Partnership. The 2022 Code adds Publicly Traded Partnership.
- New Code 38, Publicly Traded Partnership.
- Footnote with respect to Pooled Reporting Codes updated to specify that Codes 27 through 32 should only be used by a QI, QSL, WP, or WT. A QI acting as a QDD may use ONLY Code 27 or 28.
Check out the 2022 Form 1042-S here:
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