PY Online Forums - Bringing the Pontiac Hobby Together

PY Online Forums - Bringing the Pontiac Hobby Together (https://forums.maxperformanceinc.com/forums/index.php)
-   THE LOBBY (https://forums.maxperformanceinc.com/forums/forumdisplay.php?f=467)
-   -   IRS. 1099-INT. ? (https://forums.maxperformanceinc.com/forums/showthread.php?t=838384)

jww 02-29-2020 10:08 AM

IRS. 1099-INT. ?
 
I belong to Masonic fraternity and as an officer I rec’d a 1099 from a local bank for interest paid on some savings held in that bank. Amt is $1,544.xx.
No other income for the year AFAIK.
FATCA box on 1099 is not checked.
Pretty sure no action is required on my part......... can someone please advise.

Thanks in advance

Chris65LeMans 02-29-2020 11:53 AM

The 1099 is probably issued under the club’s tax ID #. (If it isn’t, and it’s issued under yours, you need to straighten that out with the bank.)

If it is to the lodge- you do need to do something with it: give it to the treasurer so he can use it filing the organization’s tax return. (An information form for a nonprofit.)

jww 02-29-2020 01:54 PM

Thanks, Chris
The 1099 is issued to the organization and not me personally so no problem there.
I will check with The Grand Lodge of Ohio but I pretty sure subordinate lodges are non profits and tax exempt.

Thanks for your time and input.

Chris65LeMans 02-29-2020 07:53 PM

Quote:

Originally Posted by jww (Post 6115604)
Thanks, Chris
The 1099 is issued to the organization and not me personally so no problem there.
I will check with The Grand Lodge of Ohio but I pretty sure subordinate lodges are non profits and tax exempt.

Thanks for your time and input.

Even if you’re tax exempt, you’ll need to file a form 990 (I think) statement of info every year.

jww 03-01-2020 09:08 AM

Thank you, Chris.......I’ll follow up on the statement of info...
Have a great Sunday


All times are GMT -4. The time now is 09:37 PM.