The number of pages within the document is: 19
The self-declared author(s) is/are:
W:CAR:MP:FP
The subject is as follows:
Original authors did not specify.
The original URL is: LINK
The access date was:
2019-02-15 13:58:57.048763
Please be aware that this may be under copyright restrictions. Please send an email to admin@pharmacoengineering.com for any AI-generated issues.
Loading...
Reload document 
Open in new tab The content is as follows:
Userid:________Leading adjust: -10% DraftOk to PrintPAGER/SGMLFileid:I1099GI.cvt(14-Jul-2003)(Init. & date) Filename:D:\USERS\GWQuee00\documents\Epicfiles\I1099GEN_ms.sgm Page 1 of 19General Instructions for Forms 1099, 1098, 5498, and W-2G14:12 – 14-JUL-2003The type and rule above prints on all proofs including departmental reproduction proofs. MUST be removed before printing.Department of the TreasuryInternal Revenue Service2003General Instructions forForms 1099, 1098, 5498, and W-2GSection references are to the Internal Revenue Code.Form 1098-T.Final Regulations section 1.6050S-1 issuedWhat™s New for 2003in December 2002 describes the reporting rules for completingForm 1098-T for 2003. The reporting under the prior optionalSee the specific form instructions for more informationinstructions and the final regulations is the same except ason the changes listed below.noted below.TIPChanges to the reporting rules include:Except as otherwise noted, the following changes are the•No reporting is required for courses for which no academicresult of the Jobs and Growth Tax Relief Reconciliation Act ofcredit is offered by the institution. This is true even if the student2003 (JGTRRA).is enrolled in a degree program.•No reporting is required for formal billing arrangementsExtension of time to file information returns.Underbetween an institution and a government entity, as well asTemporary Regulations section 1.6081-8T, effective for returnsarrangements between an institution and an employer.due after June 11, 2003, the requirements to request a 30-day•An insurer must file Form 1098-T for each individual to whomextension of time to file information returns have changed. Seereimbursements or refunds of qualified tuition and relatedExtension under Part B on page GEN-7.expenses were made in 2003.Regular gambling withholding.The regular gambling•An institution or insurer, in addition to its name, address, andwithholding rate will be 25% (33.33% for certain noncashphone number, may also include information on a third partypayments) for reportable payments.service provider.Backup withholding.The backup withholding rate will be 28%Magnetic media/electronic reporting. For Forms 1098-Efor reportable payments.and 1098-T filed after December 31, 2003, you are required toForm 1099-B.JGTRRA reduced capital gains rates onfile magnetically or electronically if filing 250 or more returns.distributions effective for transactions after May 5, 2003.See Magnetic Media/Electronic Reporting on page GEN-5 forBrokers and others report the profit or (loss) on regulatedmore information.futures or foreign currency contracts in new boxes 6b and 9bPenalties.For Forms 1098-E and 1098-T filed afterof Form 1099-B. Form 1099-B has been reformatted to twoDecember 31, 2003, penalties may be imposed for failure to fileforms per page to allow for the additional reporting.or failure to furnish correct forms. However, under certaincircumstances, the penalties may be waived. See page GEN-4Revenue Procedure 2002-50, 2002-29 I.R.B. 173, providesfor more information.an exception from reporting by brokers on Form 1099-B forthe sale of certain stock that was obtained from the exercise ofForm 1099-C.The instructions for who must file Form 1099-Ca stock option and sold by the broker on the same day.were changed to add the rules described in proposedregulations under section 6050P issued in June 2002. You may,Form 1099-DIV. Because JGTRRA reduced the capital gainsbut are not required to, follow the proposed regulations whenrates to 15% or 5% for certain individuals, the 2003 Formpreparing Form 1099-C for 2003. No penalties will be imposed1099-DIV, Dividends and Distributions, has been revised. Formon any organization until these regulations become final.1099-DIV was reformatted to two forms per page to allowreporting of qualified dividends and capital gain distributions atNew Form 1099-CAP, Changes in Corporate Control andthe new rates. The new boxes and their titles are as follows:Capital Structure.Temporary Regulations section•Box 1a – Total ordinary dividends1.6043-4T(b) requires a corporation to file Form 1099-CAP if•Box 1b – Qualified dividendscontrol of the corporation was acquired or it underwent a•Box 2a – Total capital gain distr.substantial change in capital structure. In addition, Regulations•Box 2b – Post-May 5 capital gain distr.section 1.6045-3T requires brokers, who as record holder of•Box 2c – Qualified 5-year gainstock receive Form 1099-CAP from a corporation reporting•Box 2d – Unrecap. Sec. 1250 gainunder Regulations section 1.6043-4T, to file Form 1099-CAP•Box 2e – Section 1202 gainwith the IRS and actual owners.•Box 2f – Collectibles (28%) rate gainNew Form 1099-H, Health Insurance Advance Payments.•Box 3 – Nontaxable distributionsAt the time these instructions went to print, Form 1099-H•Box 4 – Federal income tax withheldhad not been released for print.•Box 5 – Investment expenses•Box 6 – Foreign tax paidCAUTION!•Box 7 – Foreign country or U. S. possessionThe Trade Act of 2002 created a new refundable credit to•Box 8 – Cash liquidation distributionspay 65% of the eligible health insurance costs of eligible•Box 9 – Noncash liquidation distributionsrecipients of trade adjustment assistance (TAA), alternativeForm 1099-MISC.For 2003, the exemption from reportingTAA, and Pension Benefit Guaranty Corporation (PBGC)substitute payments in lieu of dividends or interest of at leastpensions.$10 that are received by a broker for an individual has beenThe Trade Act of 2002 also provides that, beginning Augusteliminated.1, 2003, eligible TAAs, alternative TAAs, and PBGC pensionForms 1098-E and 1098-T.The following changes have beenrecipients may receive advance payment of health insurance made.premiums. Advance payments will be made directly to the Cat. No. 27976F
Please note all content on this page was automatically generated via our AI-based algorithm (oMMx2gblFoML49G2APEH). Please let us know if you find any errors.