IRS Publishes General Rules and Specifications for Substitute Forms

Paul Ogawa
August 9, 2019

The IRS recently released Publication 1179 for Tax Year 2019. This publication contains the general rules and specifications for substitute information return forms, including Forms 1099 and 5498.

There were several updates made to the publication for the upcoming tax year 2019, which include the addition of Forms 1098-F, 1099-LS, and 1099-SB to the numerous sections in the publication. There were also form-related updates which are addressed as follows:

  • Form 1042-S:

– New box 7c was added for partnerships to indicate if withholding with respect to a partnership interest occurred in the subsequent year.
– Income code 55 was added for taxable death benefits paid on a life insurance contract.

  • Form 1099-B: Added a check box in box 3 to report disposition of qualified opportunity funds (QOFs).
  • Form 1099-DIV: Box 5 must be completed to report section 199A dividends paid to the recipient. The amount paid also is included in box 1a.
  • Form 1099-G: A 2nd TIN notice checkbox has been added to copies A and C of the form.
  • Filing dates Form 1099-MISC: Due on or before January 31, 2020 if reporting nonemployee compensation (NEC) payments in box 7, using either paper or electronic filing procedures. For all other reported payments, due by February 28, 2020 for paper, or March 31, 2020 for electronic.
  • Form 1099-PATR: Specified agricultural and horticultural cooperatives only, will report qualified payments paid to the patron in new box 7.
  • Form 1099-Q: Report in Box 4, distribution code 1, rollover of limited funds from a QTP to an ABLE account.
  • Form 5498-QA: The title in box 2 changed from Rollover Contributions to ABLE to ABLE Rollovers.

Review the publication in its entirety, here.

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Paul Ogawa

Paul Ogawa is a Senior Regulatory Counsel at Sovos Compliance. As part of the Regulatory Analysis team, his main areas of focus are state and federal tax withholding, the Affordable Care Act (ACA), and Canadian tax information reporting. Prior to Sovos, Paul worked as a litigation attorney in Boston area law firms, representing clients in insurance subrogation claims, family law matters, and employment disputes. Paul is a member of the Massachusetts Bar, earned his B.A. from Brandeis University and his J.D. from the Suffolk University Law School.
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