![]() You can use this information on Form 8949. Some firms also provide information about the cost basis of the asset sold. See the checkbox next to the Box 2a amount. The brokerage firm or mutual fund company usually reduces this amount by commissions. Report it as the sales price on your Form 8949. This is the amount of money you received on the sale of your securities. Use it as the sales date on your Form 8949. Box 1b Date of sale or exchange - This is the date the transaction took place.Box 1a Description - This is a brief description of the asset sold.You need this Form 1099-B information when preparing your return: If you have an account at a brokerage or mutual fund company, any Form 1099-B you receive might report: Report securities transactions on Form 8949. Form 1099-Bįorm 1099-B is for reporting proceeds from securities transactions. If you don’t have a certain type of income activity in that year, you won’t get that 1099 type.įor example, if you didn’t take money out of your retirement account last year, you won’t receive a 1099-R this year (we cover 1099-R below). Your investment company or financial institution will look at your account activity for the year to determine if you should receive a form. There are a few nuances to note there, so we’ve broken them up in two sections to outline what the 1099 is used for.Īs mentioned above, you may or may not receive a 1099 form for a specific tax year. ![]() However, you are encouraged to e-file through MassTaxConnect.Notice a pattern above? The first four 1099 form types all have to do with investing, while the bottom two forms cover income derived from rents, royalties, and nonemployee work. If you have less than 50 Form 1099s to report, you may submit them on paper. Transmitters with files greater than the allowed bandwidth for a MassTaxConnect attachment (5 MB) must submit their files through SSH/SFTP or HTTPS by registering and using DOR’s Bulk File Portal.įor help with your Bulk File registration and for Bulk File approval, email Production Support at answers to common bulk file questions visit Bulk Filing with the Massachusetts DOR.įor DOR bulk file guides and handbooks, visit DOR Bulk File Instructions for Businesses. Visit the video tutorial, How Employers E-file Annual 1099 and W-2 Reports. Most transmitters can submit their annual reports through MassTaxConnect, DOR's web-based application for filing and paying taxes to Massachusetts. Submitting with MassTaxConnect or the Bulk File Portal Report payment amounts in positions 67-78 of the payee "B" record. The percentage ( %) should be rounded to the nearest whole number. In your annual report, use positions 44-46 of the "A" record to report the % of mutual fund portfolio income distribution attributable to bonds issued by: Report the income in the same manner as if it were taxable for federal purposes. Use the Form 1099-INT format to record earnings from: Report payment amounts in positions 67-78 of the payee "B" record.A Form 1099-INT must be submitted for each bond on which interest is paid. Use the Form 1099-INT format (found in IRS Publication 1220) to report earnings on state or local bonds. The Massachusetts filing requirement for Form 1099-K remains at gross payments of $600 or more, regardless of the number of transactions.Effective for the 2022 calendar year, the IRS filing requirement for Form 1099-K will be changed from gross payments exceeding $20,000 and more than 200 transactions to gross payments exceeding $600 regardless of the number of transactions.Note: DOR and the IRS have different filing requirements for Form 1099-K. Modifications to the Form 1099 specifications in IRS Publication 1220 are required for Massachusetts municipal bond interest as explained below. Generally, Form 1099 Reports for Massachusetts follow the federal guidelines in IRS Publication 1220. Visit the IRS for a complete list of 1099 forms and instructions.Īnnual reports must be filed directly with DOR even if the transmitter participates in the IRS Combined Federal/State Filing Program (CF/SF). For filing instructions, see the “ Submitting your annual report” section on this page. Note : the forms listed above are federal IRS forms, and are not administered by the MA DOR. You must file an annual report of interest, dividends, and other income taxable under Chapter 62 of the Massachusetts General Laws if you issued any of the following:
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