This announcement updates and clarifies changes to Publication 1220, Specifications for Filing Forms 1098, 1099, 5498 and W-2G, Electronically or Magnetically. Form 1099-INT was not finalized at the time Publication 1220 was printed in IRBulletin 2006-32. The following are changes or clarifications to Publication 1220 effective for tax year 2006:
For Form 1099-INT, two new Amount Codes, 8 for Tax-exempt Interest and 9 for Specified Private Activity Bond Interest.
For Forms 1099-R, the new date field, Date of Designated Roth Contribution, positions 552-559, should be in YYYYMMDD format. This field differs from the Form which only asks for the year. If you are unable to determine the month or day of the contribution enter January 01, 2006 (20060101). If the date is unavailable, enter blanks.
Form 1099-B only asks for the Corporation’s name while Publication 1220 indicates you can report the name and full address in the Special Data Entries field, positions 663-722. Follow the paper instructions for Form 1099-B and enter any required information for this field in the Special Data Entries field.
For Form 1098-T, the new field, Method of Reporting 2005 Amounts Indicator, refers to prior year reporting. It differs from Form 1098-T which has a check box to indicate a change of reporting method. For electronic/tape cartridge files select the appropriate indicator to indicate 2005 reporting method.
No additional changes are expected for tax year 2006 reporting. If you have any questions, contact the Internal Revenue Service, Enterprise Computing Center — Martinsburg (IRS/ECC-MTB) toll-free 866-455-7438.
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