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Form 1099

Reviewing Account Information

The
1099 Information
 collapsible section on the Account Information page indicates the 1099 service level and the information returns that will be generated for the account. To generate an information return, the 1099 service level and the check boxes for the information returns to generate for the account must be selected.
To review account information:
  1. Open the account you want to review.
  2. Review the following under the
    Account
     collapsible section:
    • The
      Type of Entity
       drop-down list-The entity type controls the information returns that are available for processing. For example, the entity type must be
      Tax Deferred Account
       to process a 1099-R or 5498 form.
    • The
      Minor Acct Type
       field (if Form 1099-R, 1099-Q, 5498 or 5498-ESA is processed)-The minor account type is used in conjunction with the 1099-R, 1099-Q, 5498 and 5498-ESA information reporting control payer options to indicate whether a 1099-R distribution is IRA/SEP/SIMPLE, or to indicate the 1099-Q distribution type or 5498 contribution type.
  4. Review the following under the
    1099 Information
     collapsible section:
    • The
      1099 Service Level
       drop-down list-The 1099 services levels are detailed in About 1099 Service Levels..
    • The
      Corrected 1099 (for printed 1099 only)
       check box-Unless you need to indicate that the 1099 form is a correction, this check box should not be selected. If this check box is selected, the word, Corrected, prints on page 1 of the Tax Summary page and the CORRECTED box is marked on the 1099 form pages. Selecting the
      Corrected 1099 (for printed 1099 only)
       check box does not generate a correction for filing with the IRS. The check box generates only the Corrected notation on the printed 1099 form.
    • The
      Revised 1099 date (for printed only)
       field-A date should not be entered unless you want to indicate the form is revised. If a date exists in this field, the word, Revised, along with the date prints on every page of the Enhanced 1099 document.
    • Each information return check box-If a check box is selected, the corresponding information return is generated. If a check box is unavailable, the entity type displayed in the
      Type of Entity
       drop-down list determined that the information return does not apply.
    • For an account where Form 5498 is processed, the
      FMV
      ,
      FMV of Certain Specified Assets
       and
      Related Code
       fields-These fields are available only if the entity type is
      Tax Deferred Account
       and the
      Form 5498
       check box is selected.
  6. Select
    Save
    .

This article applies to:

  • PRODUCT: ONESOURCE Trust Tax