Early-filed Form 1042 returns must be held for processing until the beginning of the appropriate processing year. These returns cannot be processed prior to January of the proper processing year. This graphic shows a Form 1042 TY 2021 return with the tax year crossed out and replaced with TY 2022 to indicate an early filer. The received date on the return is 02032022. The tax year is edited as 2022 and the Action Code 480 is edited to the lower left corner of the return.