Does Fidelity use a 1042-S to report NRA withholdings?
Summary of User’s Concern and Solutions:
- The main problem reported by the user is whether Fidelity reports all NRA withholdings through a 1042-S form at the end of the fiscal year.
- Fidelity clarified that eligibility to receive a 1042-S form is determined by the client’s status as of December 31 of the prior tax year.
- Reportable transactions while classified as a non-resident alien will indeed be reported on Form 1042-S.
- Users can access applicable tax forms, including Form 1042-S, online through Fidelity’s website, typically available in mid-March.
Here’s the full thread
I’m a non-resident alien (NRA) with a brokerage account in Fidelity. I have my account duly set up, since a W-8BEN form is on file. At the end of the fiscal year, does Fidelity report all NRA withholdings through a 1042-S form? Thanks.
Hi there, @MLG.
Whether or not a client is eligible to receive a 1042-S is based on their status as of December 31 of the prior tax year. The update in foreign status would be applied to current and future years’ tax reporting.
With that said, reportable transactions while the account is classified as a non-resident alien will be reported on Form 1042-S.
For your convenience, we typically provide any applicable tax forms online at http://Fidelity.com. Simply log in, click “Accounts & Trade,” and select “Tax Forms and Information” to access current and prior year’s tax forms. Form 1042-S is typically available in mid-March.
If you have additional questions, please don’t hesitate to ask. We’re always happy to help. 🟢