TAP A06-030

Forms 1099-INT and 1099-DIV

Issue Statement:

TAP researched whether tax exempt-interest dividends reported to taxpayers by regulated investment companies (mutual funds) should be reported on Form 1099-INT, Interest Income, or Form 1099-DIV, Dividends and Distributions.

Proposal:

Tax-exempt interest should be required to be
reported on form 1099-INT.

Response Notes:

August 17, 2006, email from Margaret Salow, Tax Law Specialist, Reviewer, Specialty Tax Forms and Publications thanking Ad Hoc for our input and comments.