Reporting Consolidated 1099s for Investments 2024

Overview

Congress delayed the deadline to February 15 for Form 1099 reporting for payers using a Consolidated Form 1099. Forms 1099-B, 1099-DIV, 1099-INT and 1099-OID plus 1099-MISC are combined into one document for the client and the IRS. This change has made 1099s more confusing than ever; especially those related to fixed income securities. In this course, we’ll go over the reporting on Forms 1099, explain how the information provided to IRS differs from the backup material in the form; and how to report it all correctly.

Highlights

• History of 1099 reporting of securities dividends, interest, OID and gain/loss • Elections versus required reporting of amortization/accretion • Examples using actual 1099 forms

Prerequisites

None

Designed For

Staff at all levels focused on compliance and 1099 reporting. Financial planners recommending fixed income securities.

Objectives

• Recognize Covered vs. Non-Covered Securities • Identify the differences between Bond Premium, Acquisition Premium and Accrued Market Discount • Determine how 1099 information is reported on Forms 1040 and 1041

Preparation

None