United States: public comments requested on IRS form for reporting dividends and other distributions

June 19, 2013

The US Internal Revenue Service (IRS) and the US Treasury Department have issued a notice requesting comments on IRS Form 1099-DIV (Dividends and Distributions).

IRS Form 1099-DIV is used by banks and other financial institutions to report dividends and other distributions to taxpayers and to the IRS, as required by sections 6042 and 6043 of the US Internal Revenue Code (IRC).

IRS Form 1099-DIV is required to be filed for each person:

  • To whom dividends (including capital gain dividends and exempt-interest dividends) and other distributions on stock are made in the amount of US$10 or more
  • For whom any foreign tax is withheld and paid on dividends and other distributions on stock
  • For whom any US federal income tax is withheld on dividends under the backup withholding rules
  • To whom US$600 or more have been paid as part of liquidation

Boxes to report state income tax information have been added to IRS Form 1099-DIV for 2012 and subsequent tax years.

The IRS requested that written comments be submitted no later than 12 August 2013.

The mailing address and other contact information are listed in the notice.

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