Instructions for Form 1099-MISC - Introductory Material
This is archived information that pertains only to the 2006 Tax Year. If you
are looking for information for the current tax year, go to the Tax Prep Help Area.
Widely held fixed investment trusts.
The IRS has issued final regulations on the reporting requirements for fixed investment trusts. Regulations section
1.671-5(d) requires trustees
and middlemen to file with the IRS the appropriate Forms 1099 beginning with calendar year 2007. The appropriate forms include
Form 1099-MISC,
however, the regulations require certain other payments to be reported on Forms 1099-B, 1099-DIV, 1099-INT, or 1099-OID. In
addition, trustees or
middlemen must furnish a statement to the trust interest holder of items of income (consistent with the information reported
to IRS), expense, and
credit. Only items of income are reported on Form 1099-MISC. Use Form 1099-MISC to report those items of income not generally
reported on another
information return. For additional information, see part A in the 2007 General Instructions for Forms 1099, 1098, 5498, and
W-2G.
In addition to these specific instructions, you should also use the 2007 General Instructions for Forms 1099, 1098, 5498,
and W-2G. Those general
instructions include information about:
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Backup withholding
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Electronic reporting requirements
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Penalties
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Who must file (nominee/middleman)
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When and where to file
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Taxpayer identification numbers
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Statements to recipients
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Corrected and void returns
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Other general topics
You can get the general instructions from the IRS website at
www.irs.gov or by calling 1-800-TAX-FORM (1-800-829-3676).