A consolidated income tax document containing forms 1099-B, 1099-DIV, 1099-INT and 1099-MISC
What does each form report?
- 1099-B Sales of securities (ie stocks and ETFs) All sales of full shares regardless of amount will be reported on a Form 1099-B. Fractional shares may be subject to a deminimis reporting if under $20.00.
- 1099-DIV Distributions such as dividends or capital gain distributions that were paid on stocks. Only amounts of $10.00 or more for distributions paid on stock.
- 1099-INT All interest income that is not already reported on other forms will be reported here (ie interest earned on cash balances). Amounts $10.00 or more are reported.
- 1099-MISC At least $10.00 in broker payments or in lieu of dividends (ie dividends for shares on loan through our securities lending program). At least $600.00 in miscellaneous income (ie gifted stocks).
Who receives a Consolidated 1099?
All individuals receive a Consolidated 1099 if they are United States citizens or legal residents and have had reportable tax activity. In some cases, exempt recipients will receive a Consolidated 1099 due to being charged backup withholding that must be reported to the user and the IRS.
If you hold Real Estate Investment Trusts (REIT’s), Real Estate Mortgage Investment Conduits (REMIC’s) or Widely Held Fixed Income Trusts (WHFIT’s), you may receive more than one Form 1099 due to income reclassification which could affect your tax return filing dates. Think of these as ETF's like VNQ or GLTR.
Additional information about these forms and related topics can be found on the IRS website under https://www.irs.gov/pub/irs-pdf/i1099gi.pdf
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Please note that this is for informational purposes only and should not be considered tax advice. Public members should consult their tax advisors concerning any applicable tax laws.