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Last Updated: 10/26/2017

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Businesses > eServices > Municipal Bond Reporting

  • What is new for 2017 payment reporting?Back to top

    A regulated investment company paying $10 or more in exempt-interest dividends to an individual who is a resident of Minnesota, or any person receiving $10 or more in exempt-interest or exempt-interest dividends and paying as nominee to an individual who is a resident of Minnesota, must report the information following the specifications in Minnesota Income Tax Fact Sheet 19. Any bank, credit union, broker-dealer or other investment firm that meets the $10 or more payment to a Minnesota resident must file an information return with the Minnesota Department of Revenue.


    Payments made prior to January 1, 2017, required reporting only by Regulated Investment Companies (Mutual Funds) of exempt-interest dividends. You must also continue to report these payments. (See Minnesota Statute 289A.12, Subdivision 14, revised May 30, 2017.)  

  • If the Minnesota Department of Revenue receives IRS 1099-DIV and 1099-INT information, do we need to also send you the information?Back to top

    ​Yes. Form 1099-DIV shows the payers and which funds distributed federally tax-exempt interest dividends to individuals. We also need the percentage of the mutual fund portfolio income distribution attributable to bonds issued by Minnesota and to U.S. possessions. These percentages help us determine the recipient’s correct interest-dividend amount to include on the Minnesota Income Tax Return.
     
    Form 1099-INT shows the amount of interest earned from investments in municipal bonds. Minnesota requires the breakdown of interest by bond, CUSIP number, and description to determine whether the interest is from Minnesota or another state.

  • Do we need to send you IRS Form 1099-DIV and 1099-INT information?Back to top

    No. You can send us a 1099-B Hybrid file to report both the federally tax-exempt interest and the interest dividends. See Minnesota Income Tax Fact Sheet 19, Municipal Bond Reporting Information for the file format.  

  • Do we need to complete the reporting registration form if we use a third-party transmitter?Back to top

    ​No. You must have your third-party transmitter complete the Payment Reporting Registration Form so they can get access to our secure Virtual File Submission Room for uploading your information.

  • Do we need to complete the online reporting registration form if we completed it last year?Back to top

    Yes. You must complete the online reporting registration form. After you submit the form, you will receive an email invitation to join our secure Virtual File Submission Room for uploading your information. You should also register annually to verify your account information is up to date. That way we can notify you of any law changes that may affect your reporting requirements.

  • Do the requirements apply to payment of exempt-interest dividends from Unit Investment Trusts (UITs)?Back to top

    ​​Yes. All Regulated Investment Companies paying $10 or more in exempt-interest dividends to a Minnesota resident must send us information returns. (See Minnesota Statutes 289A.12, subdivision 14.​)

  • Can I use semi-colons in my text files?Back to top

    ​No. Our system will not recognize semi-colons in your file.