[17039]
February 2, 2004
TO: PENSION MEMBERS No. 5-04
PENSION OPERATIONS ADVISORY COMMITTEE No. 7-04
RE: ELECTRONIC DELIVERY OF FORM 1099 AND 5498 PAYEE STATEMENTS
The IRS has issued Notice 2004-10, which permits sponsors, administrators, trustees,
custodians or issuers of retirement plans, qualified tuition plans (“529 Plans”), simplified
employee pensions (“SEPS”), traditional Individual Retirement Accounts (“IRAs”), Roth IRAs,
Coverdell education savings accounts (“ESAs”) or Archer Medical Savings Accounts (“MSAs”)
to electronically furnish Form 1099 and 5498 payee statements to recipients beginning for 2003
and subsequent years. Please go to http://www.irs.gov/pub/irs-drop/n-04-10.pdf to see
Notice 2004-10.
Notice 2004-10 modifies part H of the General Instructions for Forms 1099, 1098, 5498
and W-2G to reflect changes made by the Job Creation and Worker Assistance Act of 2002,
which permits payee statements to be furnished electronically. Payors may furnish statements
electronically, provided that the payor satisfies the consent, format, posting, and notification
requirements described in part H of the 2003 General Instructions for Forms 1099, 1098, 5498,
and W-2G and furnishes such payee statements by their respective due dates.
Lisa Robinson
Assistant Counsel