Tax Form Changes for 2015 Posted on 16 Jun 10:51
In a highly anticipated yearly ritual rivaling both the NFL draft and the bracketing of the NCAA basketball tournament, the IRS makes small changes to many of their tax forms every year. The changes may just entail a box here or a line there, but all kinds of speculation - and wagering - precede the release of the changes.
The suspense is now over, as the IRS has announced changes to the following forms:
Tax Forms That Will Require Reprogramming
The Payer's name and address block will be expanded from one print row to two print rows for 2015.
Big changes on Line 6 - the check box for Form 1099-H was removed, while a check box for Form 1098-Q was added. Additionally, the spacing for all of the check boxes on line 6 was expanded. The amounts reported in Box 13 of Form 1099-INT should now be included in box 5 of Form 1096.
A new check box was added to Form 1099-DIV so that foreign financial institutions with a chapter 4 requirement can report U.S. accounts that they maintain.
Box 13 was added to report bond premium on tax-exempt bonds. All later boxes were renumbered accordingly. Also, a new check box was added so that foreign financial institutions with a chapter 4 requirement can report U.S. accounts that they maintain.
A new check box was added so that foreign financial institutions with a chapter 4 requirement can report U.S. accounts that they maintain.
As with the 1099-INT and 1099-MISC forms, a new check box was added so that foreign financial institutions with a chapter 4 requirement can report U.S. accounts that they maintain.
Tax Forms with Reporting Changes - No Reprogramming Required
- Medicaid waiver payments—some Medicaid waiver payments are considered excludable from income for federal income tax purposes.
- W-2 reports can now be rejected if: Medicare wages and tips are less than the sum of social security wages and social security tips; Social security tax is greater than zero or Social Security wages and tips are reported as zero; Medicare tax is greater than zero or Medicare wages and tips are reported as zero.
- Form 8922 will now be used for third-party sick pay recap reporting.
- Virtual currency such as Bitcoin is now subject to federal income tax withholding.
- For withholding agents that report amounts withheld by another withholding agent (in box 8), Form 1042-S will now require the reporting of the name and EIN of withholding agent that withheld the tax. This was optional in 2014. Boxes 14a and 14b are to be used for the reporting.
- Withholding agents that furnish a substitute Form 1042-S to the recipient must furnish a separate substitute Form 1042-S for each type of income or payment. Before, withholding agents could combine all income and payments on a single substitute Form 1042-S.
- U.S. financial institutions are now required to report payments of the same type of income (as determined by the Income code in box 1) made to multiple financial accounts held by the same beneficial owner on separate Forms 1042-S for each account.
Filers may no longer truncate a donor’s Social Security Number (SSN), individual taxpayer identification number (ITIN), adoption taxpayer identification number (ATIN), or employer identification number (EIN)) on any documents filed with the IRS.
For a sale of a debt instrument that is a wash sale and has accrued market discount, code “W” should be entered in box 1f, and the amount of the wash sale loss disallowed should be entered in box 1g.
Completion of box 1b for "Card Not Present" transactions is now mandatory for 2015. It was optional on the 2014 form.
A foreign financial institution with a chapter 4 requirement to report a cash value insurance contract or annuity contract that is a U.S. account held by a specified U.S. person with the FFI may satisfy this requirement by electing to report the account on Form 1099-R.
2015 Affordable Care Act (ACA) Forms
The following forms are mandatory filing for Tax Year 2015.
- 1095-B Health Coverage - To be used by insurers to report information on coverage provided to each enrollee.
- 1094-B Transmittal of Health Coverage Information Returns - Transmittal for 1095-B forms filed with IRS.
- 1095-C Employer-Provided Health Insurance Offer and Coverage - To be used by applicable large employers to report information on coverage for each employee.
- 1094-C Transmittal of Employer-Provided Health Insurance Offer and Coverage Information Returns - Transmittal for 1095-C forms filed with IRS.