The Internal Revenue Service (IRS) requires that individuals with U.S.-sourced income file an annual tax return to ensure that the correct amount of taxes have been remitted on behalf of the individual. A tax return is simply a reconciling report with the IRS between taxes withheld and taxes owed. Individuals who file their tax return may owe more taxes or may receive a tax refund based on the return. Tax forms are sent by entities issuing payments and are to be used to complete the tax return.
Tax forms issued by the University of Northern Iowa include the following:
Form W-2: Issued to employees and includes withholding taxes and wages paid that are not covered by tax treaty benefits.
Form 1042-S: Issued to nonresident alien employees, students and vendors to report amounts paid to foreign persons that are U.S. sourced and subject to income tax withholding even if no amount is deducted and withheld from the payment because of a treaty or exception to taxation. This includes nonresident alien employees who receive wages exempt from federal and state tax withholding by a tax treaty; nonresident alien students who receive a nonqualified taxable scholarship, and foreign vendors who provide independent contracted services in the U.S. You may receive multiple 1042-S forms reporting different types of income.
Form 1098-T: Applicable to resident aliens only. This form reports qualified educational expenses and scholarships to determine if taxpayer is eligible for certain educational tax credits.
Due date for tax returns is generally April 15th of the following calendar year.
Resident aliens file annual tax return Form 1040. Nonresident aliens file Form 1040NR.
A nonresident alien may receive Form 1042-S and/or Form W-2.