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Oracle U.S. Federal Financials User Guide
Release 12.1
Part Number E13551-04
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Form 1099-INT and Form 1099-G Procedures

Overview

Oracle produces Form 1099-INT Interest Income and Form 1099- G Certain Government Payments.

The Federal Government must report to the Internal Revenue Service (IRS) certain types of payment made to 1099 reportable suppliers. In the Supplier window, users can designate suppliers as federally reportable. When entering invoices for the supplier, classify invoice distributions by 1099 MISC type using the Income Tax Type field. At year end, report in standard formats the accumulated 1099 payment information to the IRS, other tax agencies, and suppliers.

Form 1099-INT, Interest Income, enables agencies to report interest payments per supplier of $600 or more paid in the ordinary course of trade or business; and/or interest of $10 or more paid as interest on U.S. Savings Bonds, Treasury bill, Treasury notes, or Treasury bonds.

Form 1099-G, Certain Government Payments, enable agencies to file with the IRS for the administration of Federal taxable grants, excluding scholarship or fellowship grants, of $600 or more; or any amount for energy related grants; and payments of $10 or more in unemployment compensation, including Railroad Retirement Board payments for unemployment; and payments of USDA agricultural subsidies.

Oracle U.S. Federal Financials provides the following features:

Prerequisites

Generating Form 1099-G or Form 1099-INT

To generate Form 1099-G or Form 1099-INT:

  1. Navigate to the Submit Request window.

  2. In the Name field, select 1099-INT Form or 1099-G Form.

  3. In the Operating Unit field, select an operating unit.

  4. Select the tax reporting entity.

  5. In the Payer Name Source, select the payer name source.

Generating Form 1096 for 1099-G or 1099-INT

To generate Form 1096 for 1099-G or 1099-INT:

  1. Navigate to the Submit Request window.

  2. In the Name field, select 1096 Form for 1099-G or 1099-INT.

  3. In the Operating Unit field, select an operating unit.

  4. Select the tax reporting entity.

Generating the Electronic Media 1099-INT or 1099-G

To generate the 1099I Tape Report or the 1099G Tape Report:

  1. Navigate to the Submit Request window.

  2. In the Name field, select 1099-INT Electronic Media or 1099-G Electronic Media.

  3. In the Operating Unit field, select an operating unit.

  4. In the Control Name field, optionally enter the Payer Name Control.

    Note: The Payer Name Control is a four-character designation found on the mail label that is mailed to most payers on record each December. It is typically the first four characters of the tax reporting entity name.

  5. In the Control Code field, enter the five-digit Transmitter Control Code (TCC).

    Note: File Form 4419 to receive a control code from the IRS.

  6. In the Media Type field, enter the media type for which the 1099 data is to be formatted.

  7. In the Test Submission field, enter Yes if submitting a test 1099 Electronic Media report to the IRS.

  8. In the Foreign Corporation field, enter Yes if your organization is a foreign tax reporting entity as recognized by the IRS.

  9. In the Last Year Filing field, enter Yes if this is the last year that this tax reporting entity will be filing due to factors such as bankruptcy or merger.

  10. In the Query Driver field, accept the default value.

  11. Enter the telephone number to include on the 1099 Electronic Media report.

  12. Enter a contact name to include on the 1099 Electronic Media report.

  13. Enter a contact e-mail address to include on the 1099 Electronic Media report.

  14. In the File Indicator field, enter the status of this media report.

  15. Enter the original file name.

  16. In the Replacement Alpha Character field, optionally enter the alphanumeric character that appears immediately following the TCC number on the Media Tracking Slip (Form 9267) the IRS/MCC sent with your returned media.

    Note: Enter a value only if the IRS/MCC returned your media due to processing problems and a replacement file is generated.

Related Topics

To set up 1099 reporting, see 1099 Reporting Overview, Oracle Payables User Guide.