My broker reported some foreign-source income separately and not everything showed up on the 1042-S. Is that normal?
I am in New Zealand and have a foreign-owned LLC with a U.S. broker account that holds both U.S. and non-U.S. securities. At year-end, not every line I expected showed up on the 1042-S, which made me think either the broker missed something or I misunderstood what that form is supposed to capture. Some of the account income was clearly not from U.S. sources.
I am looking for a practical answer on whether foreign-source items are normally outside the 1042-S reporting regime and how a foreign owner should think about that when reconciling the full broker statement to the year-end tax forms.
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