Thursday, January 31, 2008

1099 Electronic File (e-File) Records

1099 Electronic File (e-File) Records

In this post I will talk about the records that exist inside an e-file submission generated by a 1099 software.

Transmitter “T” Record
This record identifies the entity transmitting the electronic file and contains information which is critical if it is necessary for IRS to contact the filer. The “T” Record is the first record on each file and is followed by a Payer “A” Record.

Payer “A” Record
This record identifies the person making payments such as a recipient of mortgage or student loan interest payments. The payer will be held responsible for the completeness, accuracy, and timely submission of electronic media files.

Payee “B” Record
This record contains the payment information from the information returns such as 1099-MISC.

End of Payer “C” Record
This record consists of the total number of payees and the totals of the payment amount fields filed for each payer and/or particular type of return.

End of Transmission “F” Record
This record is a summary of the number of payers in the entire file.

To download a 1099 software and see how an eFiling submission looks like, visit this page:http://www.realtaxtools.com/download.html

Good Luck!
Rob

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