Internal Revenue Bulletin: 2009-10
March 9, 2009
Update and Correction to Publication 1220, Specifications for Filing Forms 1098, 1099, 5498, and W-2G, Electronically, containing formatting information for Form 8935, Airline Payments Report
As a result of the recent legislation, The Worker, Retiree and Employer Act of 2008, Publication 1220, Specifications for Filing Forms 1098, 1099, 5498 and W-2G, Electronically, revised July 2008, was updated to accommodate Form 8935, Airline Payments Report. The filing requirement begins March 23, 2009, for all payments made prior to the date of enactment, and the due date of future filings is ninety days from the date of payment to the recipient. The forms will be filed through the FIRE (Filing Information Returns Electronically) System. The following format information is necessary to file these forms through the FIRE System.
|In the Payer ‘A’ Record:|
|(a) Type of Return, position 27, is ‘U’.|
|(b) The following Amount Codes, positions 28-41 are acceptable:|
|Amount Code||Amount Type|
|1||Total amount reported|
|2||First year of reported payments|
|3||Second year of reported payments|
|4||Third year of reported payments|
|5||Fourth year of reported payments|
|6||Fifth year of reported payments|
|In the Payee ‘B’ Record:|
|(a) Year of First Payment, positions 547-550, enter the year in which the amount in Payment Amount 1 was sent.|
|(b) Year of Second Payment, positions 551-554, enter the year in which the amount in Payment Amount 2 was sent.|
|(c) Year of Third Payment, positions 555-558, enter the year in which the amount in Payment Amount 3 was sent.|
|(d) Year of Fourth Payment, positions 559-562, enter the year in which the amount in Payment Amount 4 was sent.|
|(e) Year of Fifth Payment, positions 563-566, enter the year in which the amount in Payment Amount 5 was sent.|
All the fields in both the Payer ‘A’ Record and the Payee ‘B’ Record are required when reporting Form 8935.
For Form 1099-R, the following correction is made to the ‘Form 1099-R Distribution Code Chart 2008’: distribution code H can be used alone or with code 4.
If you have questions, regarding this announcement or the filing of Form 8935, Airline Payments Report, please call toll-free 1-800-866-455-7438.
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