Form 1042 Extension Filing Guide (Form 7004)

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1042 Extension of Time to File — Using Form 7004

Withholding agents who need more time to file Form 1042 can request an automatic 6-month extension by submitting Form 7004, Application for Automatic Extension of Time To File Certain Business Income Tax, Information, and Other Returns. When filed on time and completed correctly, the extension is granted automatically — no IRS approval letter required.

Our platform makes it simple to eFile Form 7004 for your 1042 extension quickly and accurately, so you can focus on getting your return right without missing the original deadline.

Critical: Form 7004 extends the time to FILE Form 1042 — it does NOT extend the time to PAY any tax due. Tax payments must still be made by the original March 15 deadline to avoid penalties and interest.

What Is the Form 1042 Extension (Form 7004)?

Form 1042 — the Annual Withholding Tax Return for U.S. Source Income of Foreign Persons — is due March 15 of the year following the calendar year in which payments were made. Withholding agents who cannot complete and file Form 1042 by that date use Form 7004 to request an automatic 6-month extension, pushing the filing deadline to September 15.

Who Should File a Form 1042 Extension?

Any withholding agent who needs additional time to file Form 1042 and cannot meet the March 15 deadline. This includes:

Banks, financial institutions, and payment processors that withhold on payments to foreign persons
Corporations, partnerships, and trusts making U.S. source income payments subject to chapter 3 or chapter 4 (FATCA) withholding
Employers of nonresident aliens reporting compensation subject to withholding
Qualified intermediaries (QIs), withholding foreign partnerships (WPs), and withholding foreign trusts (WTs)
Any entity that had control, receipt, custody, or payment of fixed or determinable annual or periodic (FDAP) U.S. source income paid to foreign persons

Note: Form 7004 is filed by the withholding agent — the entity responsible for filing Form 1042. A separate extension, Form 8809, is used to request additional time to file Form 1042-S (the payee statements). Do not use Form 7004 to extend the deadline for Form 1042-S.

How to File the Form 1042 Extension

Complete Form 7004, selecting Form 1042 as the return for which the extension is requested
Estimate any tax due — a proper estimate is required for the extension to be valid
Pay any tax owed by the original March 15 deadline via EFTPS or IRS Direct Pay
File Form 7004 on or before the March 15 due date of Form 1042
eFile through the Modernized e-File (MeF) platform for fastest processing

Important: The extension is automatic — the IRS will not send a confirmation letter if your Form 7004 is accepted. You will only be notified if your extension request is denied. eFile for a record of submission and faster processing.

Form 7004 vs. Form 8809 — Know the Difference

Extends filing of	Form 1042	Form 1042-S
Extension length	6 months (automatic)	30 days
Original deadline	March 15	March 15
Extended deadline	September 15	April 14 (approx.)
Extends tax payment?	No	No

Form 1042 Extension Deadlines

Milestone	Deadline
Form 7004 must be filed (original Form 1042 due date)	March 15
Tax payment due (not extended by Form 7004)	March 15
Extended Form 1042 filing deadline (after Form 7004)	September 15

If March 15 falls on a Saturday, Sunday, or federal holiday, the deadline moves to the next business day. The 6-month extension is automatic when Form 7004 is properly completed and filed on time.

Penalties for Late Filing of Form 1042

Failing to file Form 1042 by the deadline — including the extended deadline — may result in:

Late filing penalty: 5% of unpaid tax per month, up to a maximum of 25%
Late payment penalty:5% of unpaid tax per month, up to a maximum of 25%
Negligence or substantial understatement: additional penalties may apply
Intentional disregard: higher penalties with no cap

Electronic Filing Requirements for Form 1042

Form 1042 must be filed electronically via the Modernized e-File (MeF) platform — not FIRE or IRIS — for:

Withholding agents that are financial institutions
Withholding agents required to file 10 or more information returns during the year
Partnerships with more than 100 partners

Withholding agents who do not meet these thresholds may file Form 1042 on paper. Form 7004 can be eFiled through the MeF platform for all filers.

Why File Your 1042 Extension With Us?

Fast, accurate eFile— submit Form 7004 for Form 1042 directly through the MeF platform
Deadline tracking— avoid missing the March 15 extension filing deadline
Full 1042 suite support— manage Form 1042, Form 1042-S, and extension filings in one place
Bulk filing support— handle high-volume withholding agent filings efficiently
Correction filing support— easily file amended returns after the extension period

Frequently Asked Questions

What is the Form 1042 extension?

The Form 1042 extension is an automatic 6-month extension of time to file Form 1042 — Annual Withholding Tax Return for U.S. Source Income of Foreign Persons — granted by the IRS when a withholding agent files Form 7004 on or before the March 15 original due date.

How do I request an extension to file Form 1042?

File Form 7004, Application for Automatic Extension of Time To File Certain Business Income Tax, Information, and Other Returns, on or before March 15. Select Form 1042 as the return being extended, provide a proper tax estimate, and pay any tax owed by March 15.

Does Form 7004 extend the time to pay taxes on Form 1042?

No. Form 7004 extends only the time to FILE Form 1042 — it does not extend the time to pay any tax due. Tax payments must be made by the original March 15 deadline. Unpaid tax accrues interest and late payment penalties regardless of any extension.

What is the extended deadline for Form 1042 after filing Form 7004?

Filing Form 7004 grants a 6-month extension, moving the Form 1042 filing deadline from March 15 to September 15. If either date falls on a weekend or federal holiday, the deadline shifts to the next business day.

What is the difference between Form 7004 and Form 8809 for 1042 filers?

Form 7004 extends the deadline to file Form 1042 (the annual withholding tax return) by 6 months. Form 8809 extends the deadline to file Form 1042-S (the payee statements sent to foreign recipients) by 30 days. Both extensions must be filed separately — Form 7004 does not extend the 1042-S deadline, and Form 8809 does not extend the 1042 deadline.

Is the Form 1042 extension automatic?

Yes. The 6-month extension is granted automatically when Form 7004 is properly completed and filed by the due date. The IRS does not send a confirmation — you will only be notified if your extension request is denied.

Who is required to eFile Form 1042?

Financial institutions and withholding agents required to file 10 or more information returns during the year, as well as partnerships with more than 100 partners, must file Form 1042 electronically via the IRS Modernized e-File (MeF) platform. Form 7004 can be eFiled through MeF by all filers.

What are the penalties for not filing Form 1042 by the deadline?

The penalty for late filing of Form 1042 is 5% of the unpaid tax per month, up to 25%. A separate late payment penalty of 0.5% per month (up to 25%) applies to unpaid tax. Additional penalties may apply for negligence, substantial understatement, or intentional disregard.

Can I eFile Form 7004 for the 1042 extension?

Yes. Form 7004 can be eFiled through the IRS Modernized e-File (MeF) platform. eFiling provides a record of submission and faster processing compared to paper filing.

Need more time to file your Form 1042?

File your Form 7004 extension before the March 15 deadline and get an automatic 6-month extension to file Form 1042. Start your free 7-day trial today.