1099 Information Processing by Industry

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Whether you use our ONESOURCE 1099 software or our ONESOURCE 1099 services, Thomson Reuters provides 1099 information reporting forms and processing services for the following industries:>

Retirement Plans/Annuities

For compliance needs related to retirement plans and annuities ONESOURCE 1099 software provides processing for industry specific forms, such as:

  • Form 1099-R: Distributions from Pensions, Annuities, Retirement or Profit Sharing Plans, IRAs, Insurance Contracts, etc.
  • Form 5498: IRA Contribution Information

ONESOURCE 1099 software supports form 1099R in which an individual reports his or her distributions from annuities, profit-sharing plans, retirement plans, IRAs, insurance contracts and/or pensions.

Specific items included on the form are:

  • the gross distribution paid during the given tax year
  • the amount of the distribution that is taxable
  • the federal income tax that has been withheld
  • the contributions made to the investment or premiums paid
  • a code that represents the type of distributions made to the holder of the plan

Oil & Gas

ONESOURCE 1099 software provides the necessary information reporting forms for the Oil and Gas industry and includes federal 1099-MISC reporting for rents and royalties and unique reporting requirements for states, such as Colorado, Oklahoma, and Utah.

ONESOURCE 1099 Software supports:

  • Form 1099-MISC: Miscellaneous Income
  • Colorado Form DR-21W: Oil and Gas Withholding Statement
  • Utah Form 675R: Statement of Utah Tax Withheld on Mineral Production
  • Oklahoma reporting

Real Estate

For compliance reporting related to property sales, ownership, and financing we provide processing for such forms as:

  • Form 1098: Mortgage Interest Statement
  • Form 1099-A: Acquisition or Abandonment of Secured Property
  • Form 1099-S: Proceeds from Real Estate Transactions

Education

For the Taxpayer Relief Act of 1997 (TRA97) compliance and other educational reporting requirements, both ONESOURCE 1099 software and services include processing for the following forms:

  • Form 1098-E: Student Loan Interest Statement
  • Form 1098-T: Tuition Payment
  • Form 1099-G: Certain Government and Qualified State Tuition Program Payments
  • Form 1099-Q: Qualified Tuition Program Payments (Under Section 529)
  • Form 5498-ESA: Coverdell ESA Contribution Information

Taxpayer Relief Act of 1997

The Taxpayer Relief Act of 1997 (MAKE THE HIGHLIGHT TEXT A LINK TO THE IRS PAGE) (Public Law 105-34 (111 Stat. 788 (TRA '97)) added section 25A to the Internal Revenue Code to provide the Hope Scholarship Credit and the Lifetime Learning Credit (education credits). To summarize, the Hope Scholarship Credit and the Lifetime Learning Credit allow taxpayers to claim a nonrefundable credit against their federal income taxes for certain post-secondary educational expenses.

On November 17, 1997, the IRS published Notice 97-60 (1997-46 I.R.B 8) to provide general guidance on the higher education tax incentives enacted by TRA '97, including the Hope Scholarship Credit and the Lifetime Learning Credit.

TRA '97 also added section 6050S to the Code, which requires eligible educational institutions to file information returns to assist taxpayer and the IRS in determining the education credit that taxpayers may claim under section 25A.

Healthcare

Compliance reporting provided by ONESOURCE 1099 for payments related to the Healthcare industry includes:

  • Form 1099-LTC: Long-Term Care and Accelerated Death Benefits
  • Form 1099-SA: Distributions From a HSA, Archer MSA, or Medicare Advantage MSA
  • Form 5498-SA: HSA, Archer MSA, or Medicare Advantage MSA Information

Financial & Banking

Forms processing which may be of special interest to companies in the financial and banking industries include:

  • Form 1099-A: Acquisition or Abandonment of Secured Property
  • Form 1099-C: Cancellation of Debt
  • Form 1099-INT: Interest Income

Brokerage & Investments

For all types of transactions related to brokerage and investment companies ONESOURCE 1099 compliance reporting includes:

  • Form 1099-B: Proceeds from Broker and Barter Exchange Transactions
  • Form 1099-CAP: Changes in Corporate Control and Capital Structure
  • Form 1099-DIV: Dividends and Distributions
  • Form 1099-OID: Original Issue Discount
  • Form 1099-PATR: Taxable Distributions Received From Cooperatives
  • Form 1099-S: Proceeds from Real Estate Transactions