Taxability for 2017

Taxability for 2017 Koniag is issuing the following informational forms to Shareholders to report 2017 payments:

1099 DIV – A portion of the January 2017 Dividend (approximately 10%) is considered to be taxable income and will be reported on a Form 1099 DIV.  Under IRS rules, if the taxable portion is less than $10, we are not required to send out a 1099 DIV; however, the amount should still be reported as taxable income on the recipient’s tax return. The 1099 DIV will also include payments disbursed in 2017 for an estate that is now settled which relate to a prior year when the distribution was taxable.

1099 MISC – Shareholders will receive a 1099 MISC for the amount of the June 2017 7(i) distribution to all Class B shareholders which will be reported in Box 3.  In addition, the amount of any prizes or awards received (such as stock will or early bird) will also be reported on that 1099 MISC in Box 3.

Koniag will mail IRS forms 1099-MISC and 1099-DIV (if applicable) to Shareholders by the required due date of January 31, 2018 for the 2017 tax year.  If you have not received your form, please contact the Shareholder Department so that your address can be verified. 

Koniag cannot provide tax advice and Shareholders are encouraged to consult with a tax advisor regarding individual circumstances.

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