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Tax Year 2014 1099 Form Changes

The following changes have been made to this year’s revenue procedure:

  • Form 1099–B. This form has been complete revised for new reporting requirements. Additional boxes have been added. Box 12 is reserved for future use.
  • Form 1099–H. This form has been made obsolete as 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. This form has been complete revised. The height of the forms image area has increased to 4.25″. All boxes after box 2 have been renumbered and/or repurposed for FATCA reporting.
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Erich J. Ruth

Erich J. Ruth provides technical support for National Software which is the parent company for 1099FIRE. 1099FIRE develops and markets a comprehensive range of products that enables any size of business or institution to effectively manage and comply with year-end filing requirements. 1099FIRE is an employee-owned company located in Phoenix, Arizona.

If you have any questions or comments about our software, feel free to contact us at any time.

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