Resolving over-withholding

May 13, 2020

Share

Q.¬†We had a couple of instances of over-withholding for year 2019 and we are trying to finalize form 1042. We used the reimbursement procedure. We reimbursed in year 2020 but we did not reduce the tax liability for current year IRS payments. We are trying to apply that credit in the form. Per IRS instructions for form 1042 2019, the amounts repaid to the beneficial owner or payee during the calendar year must be reflected on the line for the period we reduced our liability (not sure if we need…

  Become A Member

Join IOFM today as a Professional, Business, or Enterprise member — or upgrade your Starter membership — to get access to this content and thousands of other Articles, Webinars, Expert Answers, Resource Downloads, and more!

Join Today


Naturally, this forum doesn’t allow the kind of full information exchange necessary for the Institute of Finance & Management (IOFM) to provide legal advice and the Expert is not a tax attorney in any event. Please understand that the nature of our responses are limited by these constraints as well as the site’s Terms of Use. If you have further questions or suggestions about how we can improve IOFM, please let us know. 
Ask The Expert is a member resource of IOFM and all advice provided is subject to site’s Terms of Use.

Subscribe to our Monthly Insider

You may unsubscribe from our mailing list at any time. Diversified Communications | 121 Free Street, Portland, ME 04101 | +1 207-842-5500