Resolving over-withholding

May 13, 2020


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…

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