The IRS recently published a new update to Publication 1220 for tax year 2018. Publication 1220 contains the electronic filing instructions and specifications for Forms 1097, 1098, 1099, 3921, 3922, 5498, and W-2G.
This update follows the original TY 2018 release of this publication, and includes a few content updates that affect reporting specifications. These changes include the following:
- Form 1099-R, Payee B Record (FP 545-546): Under “Distribution Code”, Code M can now be paired with Code 7 in addition to codes 1, 2, 4, or B.
- Form 1099-DIV, Payer “A” Record (FP 28-43): Amount Code 5 was revised to cover Section 199A Dividends.
- Section 13, Table 2 – State and U.S. Territory Abbreviations: First row inserted for Alabama, Kentucky, and Ohio.
To review these changes and the publication in full, please visit the IRS website by clicking here.
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