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Instructions for Form 1099-MISC 2006 Tax Year

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.

Table of Contents

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.

Reminder

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:

  • Backup withholding

  • Electronic reporting requirements

  • Penalties

  • Who must file (nominee/middleman)

  • When and where to file

  • Taxpayer identification numbers

  • Statements to recipients

  • Corrected and void returns

  • 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).

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