March 22, 1990
TO: TAX MEMBERS NO. 12-90
PENSION MEMBERS NO. 12-90
OPERATIONS MEMBERS NO. 10-90
TRANSFER AGENT ADVISORY COMMITTEE NO. 7-90
RE: 1990 INSTRUCTIONS FOR IRS FORMS 1099, 1098, 5498 AND W-2G
__________________________________________________________
Attached is a copy of the 1990 Instructions for Forms 1099,
1098, 5498 and W-2G.
The instructions reflect the changes to the codes for Form
1099-R pursuant to IRS Announcement 89-151. (See Institute
Memorandum to Pension Members No. 50-89, dated November 22,
1989.) A numeric code must be entered unless Code P (Excess
contributions plus earnings/excess deferrals taxable in 1989) or
D (Excess contributions plus earnings/excess deferrals taxable in
1988) is used.
The instructions for Form 1099-DIV now contain an
explanation of the reporting rules for dividends declared in
October, November or December.
The Form 5498 instructions have been revised extensively to
reflect the reporting rules with respect to inherited IRAs
announced in Revenue Procedure 89-52. (See Institute Memoranda
to Pension Members Nos. 49-89 and 10-90, dated October 11, 1989
and March 6, 1990, respectively.)
We will keep you informed of further developments.
Kathy D. Ireland
Associate General Counsel
Attachment