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Corrections to two income codes listed on page 21 of the 2017 instructions for Form 1042-S -- 18-SEPT-2017

The following income codes listed on page 21 of the 2017 Instructions for Form 1042-S are corrected as follows.

Income code 54 currently reads as follows: "Other income"
Income code 54 is corrected to read as follows:  "Substitute payments-interest from certainly actively traded or publicly offered securities"

Withholding agents should use income code 54 to report payments of interest on actively traded or publicly offered securities if the interest is described in Regulations section 1.1441-6(c)(2) and the withholding agent reduced the rate of withholding under an income tax treaty.


Income code 23 currently reads as follows: "Gross income-Other"
Income code 23 is corrected to read as follows:  "Other income"   

Withholding agents should use income code 23 to report payments of income for which no other income code applies.


Please note that these two codes are correct on the 2017 Form 1042-S (shown on the back of recipient copies B and C).  These two codes are incorrect only on page 21 of the 2017 instructions.