Which status code should I use for the Federal Reserve Bank on the IRS 1042-S form? 01-US Withholding Agent-FI, or 02-US Withholding Agent-Other?


Though the Federal Reserve is not a commercial bank, it is the central bank of the U.S. and is a financial institution. Its status as a withholding agent should be FI-financial institution, rather than “other.”

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