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1099 Software: What’s New in Tax Year 2017

May 29th, 2017 No comments

The new 1098, 1099, 3921, 3922, 5498 and W-2G forms for tax year 2017 are available.  Here is what is new for tax year 2017.

  1. The FIRE Test System is available from November 1, 2017 until December 8, 2017 and then again from January 2, 2018 until August 31, 2018.  This extended testing season is a good news.  Typically, the FIRE Test System is available from November until mid-February only.
  2. The FIRE Production System begins January 18, 2018.
  3. Form 1098, Mortgage Interest Statement, added Box 10 – Number of Mortgaged Properties.
  4. Form 1099-C, Cancellation of Debt, renamed Code H and deleted Code I for Box 6.
  5. Form 1099-S, Proceeds from Real Estate Transactions, added checkbox 5 which asks “Check here if the transferor is a foreign person (nonresident alien, foreign partnership, foreign estate, or foreign trust)”.
  6. Form 5498, IRA Contribution Information, added code SC.
  7. The combined Federal and State Filing program (CF/SF) added Oklahoma and removed the state of Virginia.
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