1099-MISC

[doombuggy]

A client of our received on of these from Turner Investment Partners. The client received a "dividend" check from them in late 2003 for $47. The check was deposited into the profit sharing portion of this plan (has a 401(k) feature as well), as that has the Turner fund that this goes to. I am not sure what to do with this 1099. The "recipient's identification number" is not the trust ein that I have on record. Any ideas? Thanks for your help!

[Harwood]

Many businesses receive a 1099MISC for the services they rendered during the year. These forms are trashed. I suspect the 1099MISC you have for a "dividend" paid to the plan can also be thrown out. It has no relevance.

[jevd]

You may wish to check that the asset is registered correctly to the plan and not the individual as the tax id used was not the plan's.

[doombuggy]

The "recipient's Name" box on the 1099 MISC does have the plan's name. I have a feeling that the ID number on it might have been the EIN of the former plan.

Thanks for your help!

[Mary Kay Foss]

This year with the requirement for *qualified dividends* and *ordinary dividends* the IRS added some new rules for 1099s. If dividends are paid to the buyer of shares sold short, and the short sale hasn't closed yet, the dividends are reported on Form 1099-MISC.