what year to report dist on 1099?

[Guest greggi39]

The assets are at fidelity and they issue check payable to the trustees on 12/29. The trustees deposit into corporate account and write the check to partipant in 2004. What year is he/she 1099'd?

[david rigby]

I thought the payment of funds and issuance of 1099s is a trustee function. Payment from the asset custodian to the trustee is a different matter.

[Guest greggi39]

The way i understand it, in 2003 the $'s came out of the trust. But the trustee issued a check in 2004 to the part.

[R. Butler]

2004, but why did it go into a corporate account?

[Guest greggi39]

check from fidelity was made payable to the trustee and they ran it through their checking acct to pay 80% and deposit 20% w/h

[WDIK]

The trust should establish its own checking account for that purpose. Participant distributions should not be returned to the sponsoring corporation.

[Guest LVanSteeter]

It is most likely that Fidelity is the investment vehicle only, not the trustee or record-keeper. As such, they have no authority to cut a check directly to the participant and are not responsible for the creation of the 1099R..