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Tax Year 2014: What’s new for the 1042-S and 1099 forms?

August 29th, 2014 No comments

All of the 1097-BTC, 1098, 1099, 3921, 3922, 5498 and W-2G forms changed from tax year 2013 to tax year 2014.  Instead of saying

City or town, province or state, country, and ZIP or foreign postal code

All of the forms say in tax year 2014

City or town, state or province, country, and ZIP or foreign postal code

Swapping the word state with province is a minor change, but a change nonetheless on all of the information returns for tax year 2014.

Other change made to this year’s revenue procedure are as follows:

  • Form 1099-B has been completely revised for new reporting requirements. Additional boxes have been added.  IRS Form 1099-B looks completely different from tax year 2013.
  • Form 1099-H. This form has been made obsolete.  The Health Care Tax Credit expired December 31, 2013.
  • Form 1099-INT. Boxes 10 through 13 have been renumbered boxes 12 through 15. New box 10 is used to report market discount. New box 11 is used to report bond premium.
  • Form 1099-K. Box 1 has been divided. Box 1a continues to report gross amount of payment card/third party network transactions. Box 1b reports the amount of transactions for which no card was presented. The 2nd TIN not. box was added to Copies A and C. The account number box has been shorted to accommodate the 2nd TIN not. box.
  • Form 5498. Boxes 15a and 15b have been added for reporting the FMV of certain specified assets held in IRAs.
  • Form 1042-S is completely new to accommodate Chapter 4 FATCA requirements.

Our 1099 software has been modified to include all of these changes for tax year 2014.

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