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What You Need to Know About IRS Form 1042

When you’re gambling down south in the Unites States, the last thing you want to think about is the fact the American government can keep up to 30% of your winnings. You can get some of that money back, but unless you’re familiar with the paperwork that includes the need for an IRS Form 1042-S, you’re better off letting the professionals look after any refunds for you.

These are the people that look after both Canadians and people from other countries who are looking to get a refund on their American winnings. Beyond getting the proper IRS Form 1042-S from the casino where you were playing, there are a few other things that can help expedite any refunds. For example, it’s a definite bonus when you can work with a refund company that’s an agent of the IRS so you can rest assured they know how to move things along. With the right documentation, you should expect to see the money that you’re owed in as little as 12 to 15 weeks.

Remember, you can claim refunds on any of your American winnings that you’ve had in the last three years.

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