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New DRAFT 2022 Form 1099-DIV

On July 2, 2021, the Internal Revenue Service (IRS) unveiled a pivotal development in tax reporting with the release of a DRAFT version of the 2022 Form 1099-DIV. This eagerly awaited document introduces several noteworthy revisions poised to impact taxpayers and financial institutions alike. Among the key changes featured in this updated form are:

  • The 2022 Form 1099-DIV will be a continuous use form.
  • The FATCA filing requirement checkbox is now Box 11. This caused the following renumbering to occur:
    • OLD Box 11 for reporting exempt-interest dividends from a mutual fund or other Registered Investment Company (RIC) is now NEW Box 12.
    • OLD Box 12 for reporting exempt-interest dividends subject to the alternative minimum tax is now NEW Box 13.
    • OLD Boxes 13-15 for reporting State Income Tax Withheld are now NEW Boxes 14-16.

While the changes outlined in the DRAFT 2022 Form 1099-DIV are indeed subject to finalization, it’s crucial for taxpayers and financial institutions to remain vigilant and proactive in preparing for the upcoming tax season. As the IRS finalizes the form and accompanying instructions, it’s prudent to stay informed of any further updates or clarifications that may impact tax reporting obligations.

Have a look through the new DRAFT 2022 Form 1099-DIV via the link below:

https://www.irs.gov/pub/irs-dft/f1099div–dft.pdf

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New DRAFT 2022 Form 1099-DIV

This document contains general information only and is not a substitute for accounting, tax, or any other professional advice or services. The information provided is considered accurate at the time of publishing and will not be updated with new regulation requirements.

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