The following announcement provides corrected information for Publication 1220, Specifications for Filing Forms 1098, 1099, 5498 and W-2G, Electronically or Magnetically, revised September 2004.
Part A, Sec. 2. Nature of Changes, .02, (c), (3) should read “The title of Amount Code 2 was changed to Aggregate Amount Received.” This statement refers to the Form 1099-CAP and is correctly recorded in the Payer “A” Record, Amount Codes in positions 28-41.
Part A, Sec. 9. Due Dates, .03 and .05 references to postmarked dates should read March 1, 2005 and December 1, 2005 , respectively.
In Part D, Standard Payee “B” Record Format For All Types of Returns, Positions 1-543, Payment Amount 3, the positions should be 79 - 90 .
In Part D, Record Format Specifications and Record Layouts for Form 1099-B, Field Position 627-662, the length of this field should be 36 positions.
When making a correction for a payee name only, use the one step correction process found in Part A, Sec. 11.
Please make note of these changes when submitting information returns for Tax Year 2004 filing. If you have any questions, call toll-free 1-866-455-7438.
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