1099-DIV, Dividends and Distributions 1099-G, Certain Government Payments 1099-H, Health Coverage Tax Credit (HCTC) Advance Payments 1099-INT, Interest Income 1099-K, Payment Card and Third Party Network Transactions 1099-LS, Reportable Life Insurance Sale ...
We touched on this a little up above. but, let’s get into a little more detail. Merchant category codes were introduced by the Internal Revenue Service in 2004. The purpose was to simplify 1099 tax reporting, which involves reporting payments made to contractors and other miscellaneous income...
If your fund ismore than 60%invested in fixed interest and cash at any point during its accounting year then its distributions count asinterestpayments –not as dividends. Distributions /excess reportable incomewill therefore be liable forincome taxat your standard rate, rather than softiedividend ...