1099s are getting messier; are you'ready? With multiple 1099 forms now merged into one mega-report for clients and the IRS, it'sno wonder fixed income reporting feels more confusing than ever. This course breaks it all down - how the information provided to IRS differs from the backup material in the form, and how to report it all correctly - to help you make sense of the chaos and keep your filings clean.
Learning Objectives
• Recognize Covered vs. Non-Covered Securities
• Identify the differences between Bond Premium, Acquisition Premium and Accrued Market Discount
• Determine how 1099 information is reported on Forms 1040 and 1041
Major Topics
• History of 1099 reporting of securities dividends, interest, OID and gain/loss
• Elections versus required reporting of amortization/accretion
• Examples using actual 1099 forms
