Composite 1099
Does anyone know of or heard of a Composite 1099. Where would one find the rules and regulations on this.
Even the IRS help line is no help.
Thanks for any input that is made.
Does anyone know of or heard of a Composite 1099. Where would one find the rules and regulations on this.
Even the IRS help line is no help.
Thanks for any input that is made.
Permalink Submitted by Alan Spross on Wed, 2009-03-18 18:03
Refer to Pub 1179. Sec 4.2.
A composite 1099 is typically used by a brokerage firm to report certain IRS approved 1099 types on a single report. These typically include 1099 DIV, 1099 INT, 1099 OID, 1099 PATR, 1099 MISC and 1099B. Each separate portion must be identified by OMB number.
A 1099R is issued by itself, and is not part of the above composite combinations.