U.S.A.: Deadline to request a 1042-S reporting for customers with own assets accounts

15.11.2019

Clearstream Banking1 informs customers that have opened an account for their own assets that the deadline to request a 1042-S reporting for the fiscal year 2019 is 

15 February 2020

Background

Clearstream Banking, acting as U.S. Qualified Intermediary (QI), issues yearly 1042-S reporting to the U.S. Internal Revenue Service and to the recipients (that is, directly to Clearstream Banking QI customers, or to the final beneficial owners if the Clearstream Banking customer is Non-qualified Intermediary) of U.S. taxable income. 

If the Clearstream Banking customer is the final beneficial owner, no 1042-S reporting is issued to the customer as the U.S. taxable income is reported on the basis of pools to the U.S. Internal Revenue Service.

Impact on customers

Clearstream Banking customers that have opened an own assets account and that want to receive a 1042-S for the fiscal year 2019 should send their request to Clearstream Banking before the above deadline. Any request received after this deadline will be handled on a “best-efforts” basis by Clearstream Banking.

How to instruct

The 1042-s request should be sent via MT599 to the attention of Clearstream Banking Tax Processing Luxembourg, and specify:

  • The subject: 1042-S request for own assets account - fiscal year 2019
  • The relevant account number 

Further information

For further information, please contact the Clearstream Banking Tax Help Desk or Clearstream Banking Client Services or your Relationship Officer.   

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1. Clearstream Banking refers collectively to Clearstream Banking S.A., registered office at 42, avenue John F. Kennedy, L-1855 Luxembourg, and registered with the Luxembourg Trade and Companies Register under number B-9248, and Clearstream Banking AG, registered office at 61, Mergenthalerallee, 65760 Eschborn, Germany and registered in Register B of the Amtsgericht Frankfurt am Main, Germany under number HRB 7500.