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Preparing Form 1099-DIV: A Step-by-Step Guide for Tax Year 2018

Before you begin to prepare your Form 1099-DIV filing, it is important that you know what information you need. This step-by-step guide identifies 5 key topics that will help you correctly and timely file your Form 1099-DIV. 

What’s New for 2018?

New Box 5 section 199A dividends must be completed to report section 199A dividends paid to the recipient. This amount is also included in Box 1a.

1. Determine who receives Form 1099-DIV

Forms 1099-DIV are completed for each person who has been paid dividends and other distributions on stock of $10 or more.

2. Gather the information to prepare Form 1099-DIV

The information needed to prepare Form 1099-DIV includes the taxpayer names, addresses, and the identification numbers for the reporting business (“payer”) and the recipient (“payee”), as well as the amounts paid to the recipient.

3. Verify your information

It is important to take the time to review the information being reported on your Forms 1099-DIV for accuracy before distributing and filing, including the payment amounts and taxpayer information. This will minimize the risk of incurring penalties and fines.

4. Distribute and file Form 1099-DIV

The IRS and recipient each require copies of the 1099-DIV form, as well as some state tax departments.

5. Deadlines for Form 1099-DIV

Recipient copies of Forms 1099-DIV must be distributed by January 31, 2019.

Forms 1099-DIV must be submitted to the IRS on paper by February 28, 2019, or electronically by April 1, 2019.

Please note that you must file electronically if you have over 250 Forms 1099-DIV to report for Tax Year 2018.

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