The purpose of this announcement is to clarify instructions in the Publication 1220, Specifications for Filing Forms 1098, 1099, 5498, and W-2G Electronically or Magnetically (Rev. 9-2003).
For Form 1099-Q, Tax Year (TY) 2003, recipient copy distribution codes may be reported in the Special Data Entry field, Positions 663-722 in the Payee “B” Record.
For TY2003, Form 1099-Q and Form 5498-ESA are used for the reporting of Coverdell IRA distributions and contributions. Coverdell IRA distributions and contributions were previously reported on Form 1099-R and Form 5498 respectively. With the creation of the new forms, coding specifications for Coverdell IRA information were removed from Forms 1099-R and 5498. These changes impact the prior year correction procedures for Forms 1099-R and 5498. If you are required to make corrections electronically or magnetically to IRA Coverdell information previously reported on Form 1099-R and/or Form 5498, contact the Information Reporting Program Customer Service Section for instructions. The toll-free number is 866-455-7438 or outside the U.S. at 304-263-8700.
The Internal Revenue Bulletin is produced and published by the Internal Revenue Service and contains IRS pronouncements affecting tax analysis under the Code and the Regulations, including but not limited to Revenue Procedures, Revenue Rulings, Notices and Announcements. Access the IRS site at https://www.irs.gov/help/irsgov-accessibility for information concerning accessibility of IRS materials. While every effort has been made to ensure that the IRB database files available through the TouchTax application are accurate, those using TouchTax for legal research should verify their results against the printed versions of the IRBs available from the IRS.