Form 1099 Composite - Document Skill

The Form 1099 Composite skill extracts data from Forms 1099 Composite, which summarize all 1099 forms issued by a financial institution to a taxpayer. Typically, a Form 1099 Composite includes multiple 1099-DIV, 1099-INT, or 1099-B forms consolidated into a single statement. The document should provide a detailed breakdown of the totals for each type of 1099 form that the taxpayer is required to report. The Form 1099 Composite skill is a preview skill. It has been trained on a limited set of documents and is designed to help you quickly get started with processing Forms 1099 Composite. For production use, you may need to uptrain the skill with your own document samples. This skill recognizes handwritten text. The option is enabled by default. If you do not import handwritten forms, disable the Handwritten option in the skill settings.

Countries and Languages

Countries	Languages
USA	English

Basic Form Information

Field	Description
Year	The reporting fiscal year.
Account	The unique number used by the taxpayer to identify the payment recipient.
Corrected	Specifies that the processed form is being submitted to correct data provided earlier.
Statement Date	The statement date.
Document ID	The identifier that is assigned to each Form 1099 that is issued by the payer to the recipient.

Taxpayer Details

Field	Description
Name	The taxpayer’s name.
Street Address	The taxpayer’s address.
City	The taxpayer’s address.
State	The taxpayer’s address.
ZIP Code	The taxpayer’s address.
Country	The taxpayer’s address.
Phone	The taxpayer’s phone.
TIN	The taxpayer’s TIN.

Recipient Details

Field	Description
Name	The recipient’s name.
Street Address	The recipient’s address.
City	The recipient’s address.
State	The recipient’s address.
ZIP Code	The recipient’s address.
Country	The recipient’s address.
TIN	The recipient’s TIN.

FATCA Compliance

Field	Description
FATCA Filing Requirement	Specifies that the Foreign Account Tax Compliance Act (FATCA) filing requirement is satisfied.

Dividends and Distributions (1099-DIV)

Field	Description
Total Ordinary Dividends	The total amount of ordinary dividends (taxed as ordinary income).
Qualified Dividends	The amount of ordinary dividends (box 1a Total Ordinary Dividends) that meets the criteria for being taxed at a lower tax rate.
Total Capital Gain Distributions	The total amount paid out as capital gain distribution.
Unrecaptured Section 1250 Gain	The amount of capital gains (box 2a Total Capital Gain Distribution) received from the sale of depreciated real property and taxed in accordance with Section 1250 of the United States Internal Revenue Code.
Section 1202 Gain	The amount of capital gains (box 2a Total Capital Gain Distribution) received from the sale of small business corporation stock qualifying for exclusion under section 1202 of the United States Internal Revenue Code.
Collectibles (28%) Gain	A tax on certain types of gains from the sale of collectibles.
Section 897 Ordinary Dividends	The amount of ordinary dividends (box 1a Total Ordinary Dividends) received from the disposition of United States real property interest (USRPI) in accordance with section 897 of the United States Internal Revenue Code.
Section 897 Capital Gain	The amount of capital gains (box 2a Total Capital Gain Distribution) received from the disposition of United States real property interest (USRPI) in accordance with section 897 of the United States Internal Revenue Code.
Nondividend Distributions	Payments that were not paid out as either dividends or capital gains distribution.
Federal Income Tax Withheld	The total amount withheld as federal income tax.
Section 199A Dividends	The amount of ordinary dividends (box 1a Total Ordinary Dividends) either paid out by a real estate investment trust (REIT) and taxed at a lower rate, or by a regulated investment company (RIC) in accordance with section 199A of the United States Internal Revenue Code.
Investment Expenses	The share of non-taxable expenses incurred by a regulated investment company (RIC), proportional to the payment share of the recipient.
Foreign Tax Paid	The amount of taxes withheld in other countries on dividends and other payments (specified in USD).
Foreign Country or US Possession	The name of the foreign country or United States Territory where the taxed amount specified in box 7 Foreign Tax Paid was withheld.
Cash Liquidation Distributions	The amount paid out as part of a partial or full company liquidation.
Noncash Liquidation Distributions	Non-cash assets transferred as part of a partial or full company liquidation (specified as the market value of the assets at the time of their distribution).
Exempt-interest Dividends	Dividends received from mutual funds and/or another regulated investment company (RIC). These dividends are exempt from federal taxes.
Specified Private Activity Bond Interest Dividends	Dividends received from mutual funds and/or another regulated investment company (RIC). These dividends are exempt from federal taxes.

State Information (1099-DIV)

Field	Description
State	State-specific payment information.
State Identification Number	State-specific payment information.
State Tax Withheld	State-specific payment information.

Miscellaneous Income (1099-MISC)

Field	Description
Rents	The total amount of rent that was paid during the tax year.
Royalties	The total amount of royalties that were paid during the tax year.
Other Income	Any miscellaneous income that does not fit into one of the other categories on the form.
Federal Income Tax Withheld	The amount of federal income tax that was withheld from payments made during the tax year.
Substitute Payments in Lieu of Dividends or Interest	The amount of substitute payments in lieu of dividends or interest.
State Tax Withheld	State-specific payment information.
State Income	State-specific payment information.

Proceeds From Broker and Barter Exchange Transactions (1099-B)

Field	Description
Proceeds	The total amount of money received from the sale or disposition of a security during the tax year.
Cost or Other Basis of Covered Securities	The adjusted basis of the security delivered to close the short sale
Accrued Market Discount	The amount of accrued market discount.
Wash Sale Loss Disallowed	The amount of wash sale loss disallowed.
Federal Income Tax Withheld	Backup withholding.
Profit or (Loss) Realized on Closed Contracts	The profit or (loss) realized by the customer on closed regulated futures, foreign currency, or Section 1256 option contracts in 2023.
Unrealized Profit or (Loss) on Open Contracts	The unrealized profit or (loss) on open regulated futures, foreign currency, or Section 1256 option contracts at the end of 2022.
Unrealized Profit or (Loss) on Open Contracts 2	The unrealized profit or (loss) on open regulated futures, foreign currency, or Section 1256 option contracts at the end of 2023.
Aggregate Profit or (Loss) on Contracts	The aggregate profit or (loss) for the year from regulated futures, foreign currency, or Section 1256 option contracts.

Interest Income (1099-INT)

Field	Description
Interest Income	Specifies the taxable interest on the tax return.
Early Withdrawal Penalty	Represents any interest or principal forfeited because of early withdrawal of time savings.
Interest on US Savings Bonds and Treasury Obligations	Specifies interest on U.S. Savings Bonds, Treasury bills, Treasury bonds, and Treasury notes. This may or may not all be taxable.
Federal Income Tax Withheld	The total amount withheld as federal income tax.
Investment Expenses	The share of non-taxable expenses incurred by a regulated investment company (RIC), proportional to the payment share of the recipient.
Foreign Tax Paid	The amount of taxes withheld in other countries on dividends and other payments (specified in USD).
Foreign Country or US Possession	The name of the foreign country or United States Territory where the taxed amount specified in the Foreign Tax Paid field was withheld.
Tax-Exempt Interest (includes box 9)	The tax-exempt interest paid.
Specified Private Activity Bond Interest	Specifies tax-exempt interest subject to the alternative minimum tax. This amount is included in the Tax-exempt Interest field.
Market Discount	Specifies the market discount that accrued on the debt instrument during the year.
Bond Premium	The bond premium amount for the year for covered taxable securities.
Bond Premium on Treasury Obligations	The bond premium for the year for covered U.S. Treasury securities.
Bond Premium on Tax-Exempt Bonds	The bond premium for the year for covered non-taxable securities.
Tax-exempt and Tax Credit Bond CUSIP no	The CUSIP number of the tax-exempt bond for which tax-exempt interest is reported.

State Information (1099-INT)

Field	Description
State	State-specific payment information.
State Identification Number	State-specific payment information.
State Tax Withheld	State-specific payment information.

Original Issue Discount (1099-OID)

Field	Description
Original Issue Discount for the Year	The taxable OID on the obligation for the part of the year it was owned by the record holder.
Acquisition Premium (Covered Lots)	The amount of the acquisition premium that applies to the specific covered lots of bonds that you acquired during the tax year.
Acquisition Premium (Noncovered Lots)	The amount of the acquisition premium that applies to the specific non-covered lots of bonds that you acquired during the tax year.
Original Issue Discount on Treasury Obligations	The taxable OID on the obligation for the part of the year it was owned by the record holder.
Acquisition Premium Treasury Obligations (Covered Lots)	The acquisition premium paid for the specific covered lots of treasury obligations that you acquired during the tax year.
Acquisition Premium Treasury Obligations (Noncovered Lots)	The acquisition premium paid for the non-covered lots of Treasury obligations that you acquired before the date that the IRS required brokers to start reporting the acquisition premium for these types of securities.
Other Periodic Interest	Any amount of interest, other than OID, accrued to each REMIC or FASIT regular interest holder or paid to each CDO holder.
Federal Income Tax Withheld	Backup withholding.
Market Discount	The amount of market discount that accrued on the debt instrument during the tax year in the amount of $10 or more.
Acquisition Premium	The amount of premium amortization for the part of the year the debt instrument was owned by the holder.
Original Issue Discount on US Treasury Obligations	The OID on a U.S. Treasury obligation for the part of the year it was owned by the record holder.
Investment Expenses	The regular interest holder’s pro rata share of investment expenses.
Bond Premium	The amount of bond premium amortization allocable to the interest paid during the tax year
Tax-Exempt OID	The OID for the part of the year it was owned by the record holder.
Tax-Exempt OID (Lots Not Reported)	The tax-exempt OID income that was earned on the lots of the bond that were not reported to the broker by the investor.
Acquisition Premium (Covered)	The amount paid by the investor for the bond in excess of its face value.
Acquisition Premium (Lots Not Reported)	The acquisition premium paid for covered lots of the bond that were not reported to the broker by the investor.
Tax-Exempt OID on Private Activity Bonds	Interest of $10 or more from specified private activity bonds.
Tax-Exempt OID on Private Activity Bonds (Lots Not Reported)	The amount of tax-exempt original issue discount (OID) income that was earned on covered lots of the private activity bond that were not reported to the broker by the investor.
Acquisition Premium (AMT Covered)	The amount paid by the investor for the bond in excess of its face value, that is subject to the AMT calculation.
Acquisition Premium (AMT Lots Not Reported)	The amount paid by the investor for the bond in excess of its face value, that is subject to the AMT calculation, for the lots of the bond that were not reported to the broker.
Early Withdrawal Penalty	Interest or principal forfeited because of an early withdrawal of time deposits, such as an early withdrawal from a CD, that is deductible from gross income by the recipient.
REMIC	The REMIC for the year
State Tax Withheld	State withholding information related to the income.

Reconciliations, Fees, Expenses and Expenditures

Other Receipts and Reconciliations

Field	Description
Partnership Distributions	Any additional income or expenses that are not directly related to the partnership’s primary business operations, as well as any adjustments made to partnership distributions.
Foreign Tax Paid-Partnership	Any foreign tax payments made by the partnership during the reporting period.
Return of Principal	Any returns of principal made to investors or lenders during the reporting period.
Deferred Income Payment	Any income payments that are deferred to a future period.
Deemed Premium	Any deemed premium payments made or received during the reporting period.
Income Accrual- UIT	Any income that has been earned but not yet received during the reporting period.
Basis Adjustments	Any adjustments made to the cost or basis of assets or liabilities during the reporting period.
Foreign Tax Paid Beyond Treaty	Any foreign taxes paid by the entity that go beyond the tax treaty obligations between the foreign country and the entity’s home country.

Fees and Expenses

Field	Description
Margin Interest	The fees and expenses related to margin borrowing.
Dividends Paid on Short Position	The dividends paid on the short position, any fees associated with borrowing the securities, and any other expenses related to the management of the short position.
Interest Paid on Short Position	The interest paid on the borrowed securities, any fees associated with borrowing the securities, and any other expenses related to the management of the short position.
Non Reportable Distribution Expense	Any expenses associated with the distribution of these non-reportable distributions, such as administrative expenses, distribution fees, or other expenses related to the management of these distributions.
Other Expenses	Any expenses that do not fit into any of the other categories of fees and expenses.
Severance Tax	Any expenses associated with the calculation and payment of severance taxes, such as administrative expenses, legal fees, and any other expenses related to the management of these taxes.
Organizational Expense	Legal and accounting fees, incorporation fees, state filing fees, and other expenses related to the organizational process.
Miscellaneous Fees	Any fees and expenses that are not directly related to the entity’s core business operations or that do not fit into any of the other categories of fees and expenses.
Tax-Exempt Investment Expense	Any expenses associated with managing tax-exempt investments, such as fees paid to investment managers or advisors, custodial fees, and other expenses related to the management of these investments.

Foreign Exchange

Field	Description
Foreign Currency Gain or Loss	Any gains or losses resulting from foreign currency transactions, such as gains or losses from the purchase or sale of foreign currency or from the settlement of foreign currency-denominated transactions.

1099-B Summary of Sale Proceeds (Line Items)

Field	Description
Section	The section of the Internal Revenue Code (IRC) that applies to the transaction being reported on the form.
Proceeds	The gross cash proceeds from all dispositions (including short sales) of securities, commodities, options, securities futures contracts, or forward contracts.
Cost Basis	The adjusted basis of any securities sold unless the security is not a covered security
Market Discount	The amount of accrued market discount.
Wash Sale Loss Disallowed	The amount of wash sale loss disallowed.
Net Gain or Loss	Determines whether the gain or loss is short-term or long-term under section 1222, and whether any portion of the gain or loss is ordinary.

Key Fields

Year
Account Number
Taxpayer Details/TIN
Recipient Details/Name
Recipient Details/TIN

​Countries and Languages

​Basic Form Information

​Taxpayer Details

​Recipient Details

​FATCA Compliance

​Dividends and Distributions (1099-DIV)

​State Information (1099-DIV)

​Miscellaneous Income (1099-MISC)

​Proceeds From Broker and Barter Exchange Transactions (1099-B)

​Interest Income (1099-INT)

​State Information (1099-INT)

​Original Issue Discount (1099-OID)

​Reconciliations, Fees, Expenses and Expenditures

​Other Receipts and Reconciliations

​Fees and Expenses

​Foreign Exchange

​1099-B Summary of Sale Proceeds (Line Items)

​Key Fields