Tis the tax season! Koniag mailed IRS 1099 forms to Shareholders for 2017 by January 31, 2018. Some may have received more than one type of 1099 form.

 A 1099-DIV form was sent to most shareholders who received a January 2017 dividend. That 1099-DIV is reportable on Schedule B of the tax return in the Dividends section.

 A 1099-MISC form was sent to shareholders that hold Class B stock. The amounts reported are the June 2017 distribution of 7(j) monies plus any estate settlements monies that were accumulated on Class B shares. In addition, we reported prizes such as early bird or stock will drawings on the 1099-MISC.

 The amounts on the 1099-MISC from box 3 should be reported on Line 21 of the federal form 1040 which is the same line where Alaska PFD is reported. Those funds are NOT subject to self-employment tax. IRS instructions stipulate that Form 1040A is not the proper form to use if a 1099-MISC was received.

 It is the responsibility of the Shareholder to accurately report Koniag income on the tax returns. Koniag cannot provide tax advice; however, there are some useful resources. The IRS website at https://www.irs.gov/filing contains valuable information. The AARP also has resources for assisting with filing taxes at https://www.aarp.org/money/taxes/info-2018/aarp-tax-help-fd.html?intcmp=AE-MON-BB-TAXAIDE. If using a tax preparation software, we recommend contacting the customer support for that software and ask for their assistance.