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For information on reporting of PTP distributions generally, see Publicly Traded Partnerships (Sections 1446(a) and (f) Withholding Tax), later. Forms 1042-S reporting this income code are required to be issued with respect to each PTP making the distribution (reporting the PTP in the payer's box (including payer's chapter 3 status code 38)). New income code 58 is added starting for 2023 for nominees to report on Form 1042-S when they are unable to determine the characterization of income associated with a PTP distribution and therefore apply Regulations section 1.1446-4(d)(1) to withhold on the distribution in the absence of a qualified notice specifying the income attributable to the distribution. Brokers should use this code to report amounts realized paid to a recipient for sales of PTP interests that are subject to reporting and when section 1446(f) withholding applies to a PTP distribution under Regulations section 1.1446(f)-4(c)(2)(iii).

Income code 57 was added to the 2022 Form 1042-S for use by brokers (starting for 2023) to report amounts realized and related withholding from transfers of PTP interests for purposes of section 1446(f) that are subject to reporting on Form 1042-S under Regulations section 1.1461-1(c)(2)(i). Highlights of these changes are as follows: These instructions are updated to reflect the requirements of the section 1446(f) regulations that apply beginning January 1, 2023. For further information regarding the effective date of these provisions, see Notice 2021-51, 2021-36 I.R.B.

branches to act as withholding agents for the distributions.

Certain provisions of the section 1446(f) regulations begin on January 1, 2023, including the requirements for withholding on transfers of interests in PTPs under section 1446(f) and certain changes to the withholding requirements under Regulations section 1.1446-4 for distributions made by PTPs (PTP distributions), which include an allowance for Qualified Intermediaries (QIs) and U.S. 9926 (85 FR 76910), published on Novem(as corrected at 86 FR 13191), contains final regulations (section 1446(f) regulations) relating to the withholding and reporting required under section 1446(f), which include withholding requirements that apply to brokers effecting transfers of interests in publicly traded partnerships (PTPs). Withholding and Reporting under sections 1446(a) and (f) starting in 2023.

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