what is 1042 form
tax forms image by Chad McDermott from Fotolia.com. IRS form 1042-S is a tax form for foreign individuals reporting income from a United States-based source--in other words, non-residents who conduct some form of business within the United States.This can include investments or capital distribution.RS form 1042-S is a tax form for foreign individuals reporting income from a United States-based source--in other words, non-residents who conduct some form of business within the United States. This can include investments or capital distribution.