Maintain 1099-Int Work Files

Use this option to add, change, delete, and review 1099-Int work file records.

Menu path

From the Fund Accounting menu, select Periodic Routines. From the Periodic Processing menu, select 1099 Processing, then select Maintain 1099-Int Work Files.

In Fund Accounting > Reference Tables > Reference Tables > Vendor List or Alternate Vendor Address, a message displays asking to update the 1099 record with your changes if any of the following conditions exist:

Changes are made to a vendor's Federal Tax ID or any of the fields on the 1099 Name and Address tab
The system month is January

Maintain 1099-Int work files

Enter the Search Criteria to find the required records, and then select Search.
Refer to Searching for Records for more information.
- To add a record, select Add new. Refer to Field descriptions, enter valid information, and select Accept.
- To edit a record, select the record and select Accept. Update the information and select Accept.
- To delete, select Delete, and then Yes.
- To generate a report, select Print, and then select a Destination:
  - Select File to create the report in .rpt format. In the File Name field, you can change the default file name.
  - Select Screen to download the report in .pdf format.
  - Select Excel to download the report in .xls format. Select the required Excel Options.
    - Select OK.
      - Download the .rpt file from the View Files page.
      - Save the .pdf or .xls file.
        For more information about the Print option, refer to Print Reports.

Field descriptions

The 1099 Processing - 1099-Int Update page contains the following sections:

1099-Int Header Information section

The following table describes the fields in the 1099-Int Header Information section of the 1099 Processing - 1099-Int Update page.

Field	Description
Tax Year	The current tax year as entered on the 1099 Setup page. If adding a record, select another year if needed. However, when changing existing records, you cannot change the year or Vendor and Alternate Vendor fields.
Vendor	The code identifying the vendor, as entered in the Vendor List. The limit is eight characters. When adding a record, the system warns if the code entered does not exist in the Vendor List. However, it still accepts the code. This enables you to issue a 1099 form to a party that is not a regular vendor.
Alternate Vendor	The code identifying the alternate vendor who received payment for this transaction. Enter the appropriate code stored in the Alternate Vendor Address table, or leave the field at its zero default if an alternate vendor does not apply.
Payee Federal ID	The vendor's federal taxpayer identification number. The limit is 15 characters.
Payee Name	The vendor's name. The limit is 35 characters.
Doing Business As	The vendor's business name. The limit is 35 characters.
Account Number	The vendor's account number. In most cases, you can use the recipient's vendor number, which defaults to this field from the Vendor List. However, if filing multiple 1099-Int forms for a vendor, assign separate account numbers for each form. The limit is 20 characters.
2nd Tin Notice	Indicates that you were notified twice by the IRS within three calendar years that the payee provided an incorrect Taxpayer Identification Number (TIN). Select the field if this applies. Do not select the field if you received two notices in the same year or no notices were sent.

1099-Int Detail Information section

These fields contain the non-employee compensation paid to the vendor for each category. For complete information on a category, refer to Form 1099-Int instructions from the IRS.

The following table describes the fields in the 1099-Int Detail Information section of the 1099 Processing - 1099-Int Update page.

Field	Description
1-Interest Income Not in Box 3	Amount of interest income not included in the 3-Interest Bond/Treasury Obligation field.
2-Early Withdrawal Penalty	Interest or principal forfeited because of early withdrawal of time savings.
3-Interest Bond/Treasury Obligation	Interest on U.S. Savings Bonds, Treasury bills, Treasury bonds, and Treasury notes, all of which may or may not be taxable. This interest, exempt from state and local income taxes, is not included in the 1-Interest Income Not in Box 3 field.
4-Federal Income Tax	Backup withholding for a payee who did not furnish a Taxpayer Identification Number (TIN).
5-Investment Expenses	Amount of investment expenses paid in a single-class REMIC (Real Estate Mortgage Investment Conduit).
6-Foreign Tax Paid	Total foreign tax paid.
7-Foreign Country	Foreign country or U.S. possession where the tax in the previous field was paid.
8-Tax Exempt Interest	Interest of $10 or more credited or paid to a person's account if the interest finances government operations and is issued by a state, District of Columbia, U.S. possession, Indian tribal government, or political subdivision.
9-Specified Bond Interest	Interest of $10 or more from specified private activity bonds.
10-Market Discount	If you have a covered security that you acquired at a market discount, and the recipient has informed you that a section 1278(b) election was made, you need to report the amount of market discount that accrued on the debt instrument during the tax year, provided that it amounts to $10 or more.
11-Bond Premium	If you have a covered security that you acquired at a market discount, and the recipient has informed you that a section 1278(b) election was made, you need to report the amount of market discount that accrued on the debt instrument during the tax year, provided that it amounts to $10 or more.
FATCA Filing Requirement	Indicates that you are a U.S. payer reporting on Form(s) 1099, including payments reported in boxes 1, 3, 8, 9, and 10 on Form 1099-INT. This reporting is part of your obligation to report on a U.S. account for Chapter 4 purposes, as outlined in Regulations section 1.1471-4(d)(2)(iii)(A). Additionally, check this box if you are a foreign financial institution (FFI) reporting payments to a U.S. account according to the election described in Regulations section 1.1471-4(d)(5)(i)(A).
12-Bond Premium on Treasury Obligations	For a U.S. Treasury obligation that qualifies as a covered security, enter the amount of bond premium amortization allocated to the interest paid during the tax year unless you have received written notification that the holder does not wish to amortize the bond premium under Section 171. Refer to Regulations sections 1.6045-1(n)(5) and 1.6049-9(b) for more information. If you are required to report bond premium amortization and you reported a net interest amount in box 3, leave this box blank.
13-Bond Premium on Tax-exempt Bond	For a tax-exempt covered security purchased at a premium, enter the amount of bond premium amortization that applies to the interest paid during the tax year. Leave this box blank if you reported a net interest amount in box 8 or 9 (whichever is applicable).
14-Tax-exempt Bond CUSIP Number	The tax-exempt bond's CUSIP number for any tax-exempt interest entered in 8-Tax Exempt Interest. Leave blank if the CUSIP number was not issued.
15-State	The two-letter postal abbreviation of the state for which state income taxes are being withheld.
16-State ID Number	The vendor's state identification number.
17-State Tax Withheld	Amount of the state income tax withheld on payments.