The FFIEC has announced the availability of free HMDA data entry software, which was created by the Federal Reserve. You can access a press release about it here. The software is to be used with 2008 HMDA data, which will be due March 1, 2009.
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We've had calls from a number of credit unions who appear to be working on 1099-INTs. Here is some guidance for the following situation:
Last year, member A earned $6.78 in dividends and $11.58 in interest in U.S. Savings Bonds. Clearly, you would need to report the $11.58 in box 3 on the 1099-INT. But what about the $6.78 in dividends? Do you report that in box 1, since you have to file a 1099-INT anyway?
Well, a dutiful compliance officer made a call to the IRS Martinsburg Computer Center. (They are the IRS' resident expert on 1099s and W2s.) They indicated that you are not required to report the $6.78 in box 1 in the hypothetical situation above. (You may, however, at your discretion.) According to the IRS, you must report amounts in boxes 1, 3 or 8 if the amount in question is $10 or greater.
Oh, I almost forgot. The phone number for the IRS Martinsburg Computer Center is (866)455-7438. They've been very helpful to me in the past.
A good 1099 Software for print 1099 forms including 1099-INT forms is W2 Mate. Can you download a free demo here :http://www.realtaxtools.com/download.html
Posted by: Rob | January 25, 2008 at 11:22 PM