Connecticut released the 2017 Electronic Specifications for Submission of State and Local Government Tax Exempt Bond Interest Information. There are a number of changes from the previous revision:
- New due date: January 31, 2018
- New specifications:
- A separate “A” record for each fund or bond reported.
- On the “A” record in positions 26-27, use code “B” to indicate this is a Form 1099-B to report both Interest and Interest-Dividends, not a code “6.”
- Use positions 44-46 of the payer “A” record to report the total percentage of mutual fund portfolio income distribution attributable to bonds issued by Connecticut, Puerto Rico, Guam, American Samoa, and U.S. Virgin Islands.
- Use positions 55-66 Payment Amount 1** of the payee “B” record to report payment amounts, including accrued interest received from the buyer at the time of sale.
- Use positions 67-78 Payment Amount 2** of the payee “B” record to report accrued interest paid at the time of purchase to the seller.
- Use positions 79-90 Payment Amount 3** of the payee “B” record to report original issue discount (OID) amounts received.
- Use positions 569-607 of the payee “B” record to report the issuer/security name in the ‘DESCRIPTION' field.