For form 1042-S, Income Codes (Box 1) must exactly match one of these values:
Interest:
01 - Interest paid by U.S. obligors-general
02 - Interest paid on real property mortgages
03 - Interest paid to controlling foreign corporations
04 - Interest paid by foreign corporations
05 - Interest on tax-free covenant bonds
22 - Interest paid on deposit with a foreign branch of a domestic corporation or ⠀⠀⠀partnership
29 - Deposit interest
30 - Original Issue discount (OID)
31 - Short-term OID
33 - Substitute payment-interest
51 - Interest paid on certain actively traded or publicly offered securities
54 - Substitute payments-interest from certain actively traded or publicly offered securities
Dividends:
06 - Dividends paid by U.S. corporations
07 - Dividends for qualifying for direct dividend rate
08 - Dividends paid by foreign corporations
34 - Substitute payment-dividends
40 - Other dividend equivalents under IRC section 871(m) (formerly 871(l))
52 - Dividends paid on certain actively traded or publicly offered securities
53 - Substitute payments-dividends from certain activity traded or publicly offered ⠀⠀⠀securities
56 - Dividend equivalents under IRC section 871(m) as a result of applying the combined ⠀⠀⠀transaction rules
Other:
09 - Capital gains
10 - Industrial royalties
11 - Motion picture or television copyright royalties
12 - Other royalties (for example, copyright, software, broadcasting, endorsement ⠀⠀⠀payments)
13 - Royalties paid on certain publicly offered securities
14 - Real property income and natural resources royalties
15 - Pensions, annuities, alimony, and/or insurance premiums
16 - Scholarship or fellowship grants
17 - Compensation for independent personal services
18 - Compensation for dependent personal services
19 - Compensation for teaching
20 - Compensation during studying and training
23 - Other income
24 - Qualified investment entity (QIE) distributions of capital gains
25 - Trust distributions subject to IRC section 1445
26 - Unsevered growing crops and timber distributions by a trust subject to IRC section ⠀⠀⠀1445
27 - Publicly traded partnership distributions subject to IRC section 1446
28 - Gambling winnings
32 - Notional principal contract income
35 - Substitute payment-other
36 - Capital gains distributions
37 - Return of capital
38 - Eligible deferred compensation items subject to IRC section 877A(d)(1)
39 - Distributions from a non-grantor trust subject to IRC section 877A(f)(1)
41 - Guarantee of indebtedness
42 - Earnings as an artist or athlete-no central withholding agreement
43 - Earnings as an artist or athlete-central withholding agreement
44 - Specified federal procurement payments
50 - Income previously reported under escrow procedure
55 - Taxable death benefits on life insurance contracts
57 - Amount realized under IRC section 1446(f)
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