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Form 1099-DIV: Answers to Top Seven Questions

This post was updated in April 2018

Form 1099-DIV: Dividends and Distributions 

Did your corporation pay any dividends? Use Form 1099-DIV to report them! Today’s post covers Form 1099-DIV, Dividends and Distributions.

What is Form 1099 DIV?

Form 1099-DIV reports ordinary dividends, qualified dividends, total capital gains, foreign tax paid, non-taxable distributions, and foreign source income from each investment account held by a fund company.

Who files the Form 1099 DIV?

A corporation needs to file the Form 1099-DIV for every person:

  1. to whom it paid dividend and distributions on stock of $10 or more,
  2. to whom it paid foreign tax on dividend and other distributions on the stock,
  3. for whom it withheld federal income tax on the dividend under the withholding rules, or
  4. to whom it has made the payment of $600 or more as part of a liquidation.

Are there any exceptions?

A corporation is not required to report on the Form 1099-DIV in the following cases:

  1. Taxable dividends are distributed from employee stock ownership plans and life insurance contracts.
  2. Substitute payments are made in lieu of dividends.
  3. Payments are made to payees which include tax-exempt organizations.

Is Form 1099 DIV accompanied by any other forms?

An IRS Form 1096, Annual Summary and Transmittal of U.S. Information Returns must be filed along with the Form.

When is Form 1099 DIV due?

The corporation must furnish Copy B of the Form to the recipient by January 31, 2018 and file Copy A with the IRS by February 28, 2018. If the company files electronically, the due date is April 2, 2018.

How do I fill out Form 1099 DIV?

In the form, you need to provide the payer’s information, the business’s tax identification number, the recipient’s identification number and other basic information. You can find specific instructions on how to fill the Form 1099-DIV here. Fill the numbered boxes after reading the instructions carefully. If you have more questions about Form 1099-DIV, you can check out the following video.

Where do I send the Form 1099-DIV?

The payer fills 5 copies of the form:

  • Copy A is for IRS Center;
  • Copy 1 is for the State Tax Department;
  • Copy B is for Recipient;
  • Copy 2 is to be filed with recipient’s state income tax return, when required; and
  • Copy C is for the payer.

 


 

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