The Kentucky Department of Revenue recently released updated Electronic Specifications for the Submission of W-2 and 1099 Reports. These specifications are used by taxpayers to transmit W-2 and 1099 information to the Kentucky DOR in a certain format.
While the changes to the W-2 Specifications were minor, the 1099 & W-2G specifications experienced several updates from the previous version that do impact reporting. Most notably, the Amount Codes for Form 1099-OID were updated: Code 5 (Bond Premium) and Code C (Tax-Exempt OID) were added for 2017, and Code 6 allows for positive and negative amounts to be reported.
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