Forms 1099 are being released later each year, and they're more confusing than ever; especially those related to fixed income securities. In this course, we'll go over the contents of Forms 1099-B, 1099-INT and 1099-OID, explain how the information provided to IRS differs from the backup material; and how to report it all correctly.
Learning Objectives
• Recognize Covered vs. Non-Covered Securities
• Identify the differences between Bond Premium, Acquisition Premium and Accrued Market Discount
• Determine how 1099 information for bonds is reported on Forms 1040 and 1041
Major Topics
• History of 1099 reporting of securities interest, OID and gain/loss
• Elections versus required reporting of amortization/accretion
• Examples using actual 1099 forms
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