IRS Issues Pub. 1220 With Form 1099-R, 5498 General Instructions

November 27, 2006 – The IRS has issued Publication 1220, Specifications for Filing Forms 1098, 1099, 5498 and W-2G Electronically or Magnetically.  This publication combines the electronic and magnetic media filing guidance of IRS Revenue Procedure 2006-33 (released August 7, 2006) with a number of forms and instructions.  The electronic instructions contain a correction in the  “Form 1099-R Distribution Code Chart 2006” due to a discrepancy in the paper reporting guidance and the original Revenue Procedure 2006-33. The electronic instruction now matches the paper Form 1099-R reporting instructions, making it clear that code B (distributions from a designated Roth account) is not to be used in combination with code P (correction of excess contribution with earnings for prior year) or code 7 (distribution after age 59½).

In addition, although the IRS has not yet posted or announced the availability of its 2006 General Instructions for Forms 1099, 1098, 5498 and W-2G, this set of instructions is included as a subsection of Publication 1220. The 146-page Publication 1220 may be accessed as follows.