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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