Forms 1096, 1097, 1098, 1099, 3921, 3922, 5498, And W-2g - General Instructions For Certain Information Returns - 2018 Page 4
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30Items of income that are required to be reported including
You are required to report the account as a U.S.
non-pro rata partial principal payments, trust sales
account for chapter 4 purposes; and
proceeds, redemption asset proceeds, and sales of a trust
The account is a U.S. account held by a specified U.S.
interest on a secondary market must be reported on Form
person.
1099-B. See Regulations section 1.671-5(d).
Election described in Regulations section
Safe harbor rules for determining the amount of an item
1.1471-4(d)(5)(i)(B). You are eligible to make this
to be reported on Form 1099 and a tax information
election to report an account on Form(s) 1099 if:
statement with respect to a TIH in a non-mortgage WHFIT
You are a PFFI or are an RDC FFI (other than a
(NMWHFIT) and a widely held mortgage trust (WHMT)
Reporting Model 1 FFI) required to report a U.S. account
are found in Regulations sections 1.671-5(f) and (g),
as a condition of your applicable RDC FFI status (see
respectively.
Regulations section 1.1471-5(f)(1)(i));
You are required to report the account as a U.S.
Trustees and middlemen must follow all the rules for
account for chapter 4 purposes; and
filing Forms 1099 with the IRS and furnishing a statement
The account is a U.S. account held by a specified U.S.
to the TIH (except as noted below) as described in parts A
person that is a cash value insurance contract or annuity
through S of these instructions. Trustees and middlemen
contract that you elect to report in a manner similar to
should also follow the separate instructions for Forms
section 6047(d).
1099-B, 1099-DIV, 1099-INT, 1099-MISC, and 1099-OID,
as applicable, which may address additional income
You may make an election described in Regulations
reporting requirements.
section 1.1471-4(d)(5)(i)(A) or (B) either with respect to all
Due date and other requirements for furnishing
such U.S. accounts or with respect to any clearly
statement to TIH. The written tax information for 2018
identified group of such accounts (for example, by line of
furnished to the TIH is due on or before March 15, 2019.
business or by location where the account is maintained).
For other items of expense and credit that must be
Special reporting by U.S. payer described in Regula-
reported to the TIH, see Regulations section 1.671-5(c).
tions section 1.1471-4(d)(2)(iii)(A). If you are a U.S.
There is no reporting requirement if the TIH is an
payer that is a PFFI other than a U.S. branch, you also
exempt recipient unless the trustee or middleman backup
may satisfy your requirement to report with respect to a
withholds under section 3406. If the trustee or middleman
U.S. account for chapter 4 purposes by reporting on each
backup withholds, then follow the rules in
part
N. An
appropriate Form 1099 in the manner described in
exempt recipient for this purpose is defined in Regulations
Regulations section 1.1471-4(d)(2)(iii)(A).
section 1.671-5(b)(7).
Reporting procedure. If you are an FFI that is eligible to
Reporting to foreign persons. Items of a WHFIT
make an election described in Regulations section
attributable to a TIH who is not a U.S. person must be
1.1471-4(d)(5)(i)(A) or (B) or are a U.S. payer reporting as
reported and amounts withheld following the provisions of
described in Regulations section 1.1471-4(d)(2)(iii)(A),
sections 1441 through 1464. See Form 1042-S and its
you must do so by filing each appropriate Form 1099 with
separate instructions for more information.
the IRS and reporting the payments required to be
reported by a U.S. payer (as defined in Regulations
Foreign Account Tax Compliance Act (FATCA)
section 1.6049-5(c)(5)) with respect to the account. See,
Filing Requirements of Certain Foreign
however,
Payments required to be
reported, later. See
Financial Institutions (FFIs)
also the separate specific instructions for each form to
If you are required to report an account that is a U.S.
determine which form to file.
account under chapter 4 of the Code (chapter 4), you may
All Form 1099 filers must have an EIN. If you have
be eligible to elect to report the account on Form(s) 1099
not previously filed a Form 1099 or other return,
instead of on Form 8966, FATCA Report.
TIP
you must obtain an EIN and include it on each
If the account is either a U.S. account held by a
Form 1099 that you file. See
part K
for more information,
passive nonfinancial foreign entity (NFFE) that is a
!
including how to obtain an EIN.
U.S.-owned foreign entity or an account held by
CAUTION
In addition to the information otherwise required to be
an owner-documented FFI, do not file a Form 1099 with
respect to such an account. Instead, you must file Form
reported on the appropriate Form 1099, you also must
8966, in accordance with its requirements and its
include the following information for each account you are
accompanying instructions, to report the account for
reporting as described in Regulations section 1.1471-4(d)
(2)(iii)(A) or (d)(5)(i)(A) or (B).
chapter 4 purposes.
The name, address, and TIN of the account holder.
Election described in Regulations section
The account number.
1.1471-4(d)(5)(i)(A). You are eligible to make this
If applicable, the jurisdiction of the branch that
election to report an account on Form(s) 1099 if:
maintains the account being reported by adding the
You are a participating FFI (including a Reporting Model
branch’s jurisdiction after the payer’s name, that is,
2 FFI) (PFFI) or are a registered deemed-compliant FFI
“Payer’s Name (Jurisdiction X branch).”
(RDC FFI) (other than a Reporting Model 1 FFI) required
to report a U.S. account as a condition of your applicable
RDC FFI status (see Regulations section 1.1471-5(f)(1)
(i));
-4-
Gen. Instr. for Certain Info. Returns (2018)
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