How to Request Form 1042-S Corrections
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While rare, if you notice something is incorrect on your Form 1042-S, you may be able to request a correction. There are 5 corrections Vrbo can accommodate before the end of June.
Errors in the Payee’s name, address, or tax ID number without changing who the individual is. (e.g.: Jane Dow needs to be corrected to Jane Doe)
Confirmed errors in Box 2 or Box 7a on Form 1042-S
When the Payee named on Form 1042-S is not the same as the bank account beneficiary (or bank account owner) of where the disbursements were sent. (e.g.: Jane Doe needs to be changed to John Doe)
When there are different Payees named on multiple 1042-S forms, but it should only be one, because disbursements were deposited into the same bank account with a single, or primary, beneficiary. This may result from having one or more W-8 forms on file with incorrect information within the calendar year.
When there is a single Payee named on a Form 1042-S but there should be multiple, because disbursements were deposited into multiple bank accounts with different account beneficiaries. This may result from having the same payee information on multiple W-8 forms, for multiple bank accounts with different account beneficiaries. (e.g.: Disbursements were sent to separate bank accounts with different bank account owners, but the information on the W-8(s) only named a single Payee.)
Before any corrections or changes can be made to Form 1042-S, the correct information must be uploaded to your W-8 within the owner dashboard (i.e., on file). After the correct information is on file, use the Contact Us button below to submit your request. Please note, you may be asked for supporting documentation such as, but not limited to, your personal reconciliation or a bank statement verifying the account beneficiary.
Use the steps below to update your W-8 within your owner dashboard. Using these steps will remove your current tax form, and you'll need to fill out and submit a new one with the correct information. You may have to repeat these steps for multiple listings.
- Login to your Vrbo account from a computer
- Select Property
- Select Payment Options
- Locate the correct bank account and Property ID
- Select Edit in the Tax Forms section
- Select Update Tax Form
Complete a reconciliation of your 1042-S. If your bank account(s) were associated with different tax IDs or different payee names throughout the calendar year, even on the same listing in some instances, there will be a 1042-S for each tax ID or payee name. To complete a full reconciliation, you may need to combine amounts across each 1042-S form.
For example: If you completed a tax Form W-8BEN (or W-8BEN-E) in February, then updated to a tax Form W-8ECI on June 1st:
- From February to May: Disbursements were subject to withholding. The withheld amount will be shown on one 1042-S along with the gross income for that time period.
- From June to December: Disbursements were exempt from withholding, and no money was withheld. This will get a separate 1042-S showing the exemption and -0- withholding along with the gross income for that time period.
If you need help reconciling your 1042-S at a transaction level, you should consult your tax advisor.