Reporting Interest and Gain from Tax Exempt Securities

Description

Not only are Forms 1099 being released later and later each year, they have become more confusing than ever—especially when it comes to fixed income securities. This course will explain what's on page one of the 1099 compared to the back up material and how to report all of the items correctly.

Highlights

• History of current 1099 reporting of fixed income securities
• What treatment is required versus what can be elected
• Examples using actual 1099 forms

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

Designed For

Staff focused on compliance and 1099 reporting and financial planners recommending fixed income securities.