In this post we will cover 2011 / 2010 1099 Instructions including 2010 1099 MISC Instructions, 2010 1099 DIV instructions, 2010 1099 INT Instructions and 2010 1099-R instructions.
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Below are the 2010 1099 instructions (2011 1099 instructions for tax year 2010):
2011 1099-MISC Instructions – 2010 1099-MISC Instructions (Miscellaneous Income)
Due dates: Furnish Copy B of form 2010 1099-MISC to the recipient or contractor by January 31, 2011. The due date is extended to February 15, 2011, if you are reporting payments in boxes 8 (Substitute payments in lieu of dividends or interest) or 14 (Gross proceeds paid to an attorney).File Copy A of the 2010 / 2011 1099 MISC with the IRS by February 28, 2011. If you file electronically, the due date is March 31, 2011. To file electronically, you must have 1099 MISC E-File software like W2 Mate that generates a file according to the specifications in Pub. 1220, Specifications for Filing Forms 1098, 1099, 3921, 3922, 5498, and W-2G Electronically. The internal revenue service does not provide a fill-in form option.
You are required to file Form 1099-MISC (Miscellaneous Income) for each person to whom you have paid during the year: At least $10 in royalties or broker payments in lieu of dividends or tax-exempt interest; At least $600 in rents, services (including parts and materials), prizes and awards, other income payments, medical and health care payments, crop insurance proceeds, cash payments for fish (or other aquatic life) you purchase from anyone engaged in the trade or business of catching fish, or, generally, the cash paid from a notional principal contract to an individual, partnership, or estate; Any fishing boat proceeds; or Gross proceeds to an attorney.
Where to mail 2010 1099-MISC (in 2011):
Alabama, Arizona, Arkansas, Connecticut, Delaware, Florida, Georgia, Kentucky, Louisiana, Maine, Massachusetts, Mississippi, New Hampshire, New Jersey, New Mexico, New York, North Carolina, Ohio, Pennsylvania, Rhode Island, Texas, Vermont, Virginia, and West Virginia: Send to Department of the Treasury Internal Revenue Service Center Austin, TX 73301.
Alaska, California, Colorado, District of Columbia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Maryland, Michigan, Minnesota, Missouri, Montana, Nebraska, Nevada, North Dakota, Oklahoma, Oregon, South Carolina, South Dakota, Tennessee, Utah, Washington, Wisconsin, and Wyoming: Send to Department of the Treasury Internal Revenue Service Center Kansas City, MO 64999.
2011 1099-INT Instructions – 2010 1099-INT Instructions (Interest)
Furnish Copy B of form 1099-INT for tax year 2010 (filed in 2011) to the recipient by January 31, 2011. File Copy A of form 1099 INT with the Internal revenue Service by February 28, 2011. If you file 1099s electronically through IRS FIRE system, the due date is March 31, 2011. To file 1099-INT electronically, you must have electronic filing software that generates a file according to the specifications in Pub. 1220, Specifications for Filing Forms 1098, 1099, 3921, 3922, 5498, and W-2G Electronically. IRS does not provide a fill-in form option. You can use our 1099-INT software to print and e-File 1099-INT.
If the recipient is a nonresident alien, you may have to withhold federal income tax and file Form 1042-S, Foreign Person’s U.S. Source Income Subject to Withholding. See the Instructions for Form 1042-S and Pub. 515, Withholding of Tax on Nonresident Aliens and Foreign Entities. If you received mortgage interest in the course of your trade or business, you may have to report it to the payer of such mortgage interest and to the IRS on Form 1098, Mortgage Interest Statement. Do not report mortgage interest to the payer on Form 1099-INT. See the instructions for Form 1098 for information on reporting mortgage interest.
2011 1099-DIV Instructions – 2010 1099-DIV Instructions (Dividend)
Because paper forms are scanned during processing, you cannot file with the IRS Forms 1096, 1098, 1099
, 3921, 3922, or 5498 that you print from the IRS website.
Box 1a. Shows total ordinary dividends that are taxable.
Box 1b. Shows the portion of the amount in box 1a that may be eligible for the 15% or zero capital gains rates.
Box 2a. Shows total capital gain distributions from a regulated investment company or real estate investment trust.
Box 2b. Shows the portion of the amount in box 2a that is unrecaptured section 1250 gain from certain depreciable real property.
Box 2c. Shows the portion of the amount in box 2a that is section 1202 gain from certain small business stock that may be subject to a 50% exclusion and certain empowerment zone business stock that may be subject to a 60% exclusion.
Box 2d. Shows 28% rate gain from sales or exchanges of collectibles.
Box 3. Shows the part of the distribution that is nontaxable because it is a return of your cost (or other basis).
Box 4. Shows backup withholding.
Box 5. Shows your share of expenses of a nonpublicly offered regulated investment company, generally a nonpublicly offered mutual fund.
Furnish Copy B of 2010 1099-DIV form to the recipient by January 31, 2011. File Copy A 1099-DIV with the IRS by February 28, 2011. If you file 1099-DIV electronically, the due date is March 31, 2011.
2011 1099-R Instructions – 2010 1099-R Instructions (Retirement)
Form 1099-R is also called Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc.
Generally, distributions from pensions, annuities, profit-sharing and retirement plans (including section 457 state and local government plans), IRAs, insurance contracts, etc., are reported to recipients on Form 1099-R.
Because paper forms are scanned during processing, you cannot file with the IRS Forms 1096, 1098, 1099, 3921, 3922, or 5498 that you print from the IRS website.
File Copy A of this form with the IRS by February 28, 2011. If you file electronically, the due date is March 31, 2011. To file electronically, you must have software that generates a file according to the specifications in Pub. 1220, Specifications for Filing Forms 1098, 1099, 3921, 3922, 5498, 8935, and W-2G Electronically. IRS does not provide a fill-in form option.
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