Attention Shareholders—1099-DIV tax forms for 2020 are now available!
Monday, February 8, 2021
To access, download or print your forms, please log in or register for an account on MySealaska.com, navigate to ‘About Me’ and click 1099s. If you are receiving your form through the U.S. Mail, please be sure to check your mailbox—all forms have been mailed by Sealaska as of January 25, 2021.
Here are answers to some frequently asked questions regarding 1099-DIV tax forms:
1) What is a 1099-DIV tax form and why am I receiving one?
Form 1099-DIV is used by banks and other financial institutions to report dividends and other distributions to taxpayers and to the IRS. Any 1099 forms sent to taxpayers go to the IRS, too, therefore the IRS is able to determine if a recipient fails to file their form and will pursue the recipient for the taxes owed.
Sealaska shareholders receive the 1099-DIV tax form because they are paid dividends by a corporation; dividends are taxable income. Receiving a 1099-DIV tax form does not necessarily mean that you owe taxes on that money (you might have deductions that offset the income, for example), but 1099 recipients should still file their form.
2) I am unable to access my 1099-DIV tax form because I do not yet have a MySealaska account. How do I register?
Visit MySealaska.com and click on the red ‘click here to register’ link on the top righthand corner of the screen. You will be prompted to enter your email address and create a password and provide your first and last name, date of birth, the last four digits of your Social Security number and mailing address. Once your account has been created, you will receive a registration confirmation message via email.
3) I am unable to access my 1099-DIV tax form because I am having trouble logging into my account on MySealaska. How can I resolve this issue?
If you have just created your account, please check the email account that you registered with for a registration confirmation message.
If you are attempting to log in to an existing account, please make sure that you are using the email address that you registered with, or reset your password here: https://mysealaska.com/Account/RequestResetPassword.
4) I do not have access to a computer, or I expected but never received my form via mail delivery. How can I get my 1099-DIV tax form?
Please call Shareholder Relations at 1-800-848-5921 to arrange to receive a copy of your form.
5) How do I report my 1099-DIV tax form?
Shareholders should consult with their personal tax preparers or follow the instructions provided by the IRS (if they are filing for themselves) for guidance as to how to report the 1099-DIV information. More information about completing your form can be found here: https://www.irs.gov/pub/irs-pdf/i1099div.pdf.
6) When should I file my 1099-DIV tax form by?
Federal taxes are due on April 15, 2021. Form 1099-DIV is filed as part of your complete tax return.
7) Why is the 1099-DIV tax form that I received different from the IRS published form?
MySealaska wants to make it easy for shareholders to reprint past 1099 forms they’ve received from Sealaska, but the re-print is not the same as the original tax document you receive. The 1099-DIV form used by MySealaska is fully compliant with IRS Publication 1179 which specifies formatting and information requirements for a substitute 1099-DIV. The substitute form MySealaska produces can be printed and submitted or filed with your IRS tax forms.
8) In the past, 1099-DIV tax forms included Ordinary dividends and Non-dividend distributions. This year, the form includes Ordinary dividends and Qualified dividends, but not Non-dividend distributions. What is a Qualified dividend, and what is the reason for this change?
- The amount reported in Box 1a includes 7(j) distributions (if applicable to your share class) and the operations and permanent fund dividends.
- Box 1b (qualified dividends) indicates the portion of Box 1a that qualifies for beneficial tax treatment.
7(j) distributions are always fully taxable. Sealaska must annually determine whether the operations and permanent fund dividend is taxable. For 2020, operations and permanent fund dividends are taxable and have been reported as such.
9) What if I need help or have further questions related to my 1099-DIV tax form?
If you are logged in to your MySealaska account, you may submit questions or resolve issues via the ‘Request Support’ buttons located on most site pages. The support system is actively monitored by Sealaska staff during regular business hours.
If you are unable to log in to your MySealaska account or need additional assistance, please call Shareholder Relations at 1-800-848-5921 during regular business hours for telephone support
10) Why are all of my dividends taxable?
The tax code requires Sealaska to make annual calculations to determine if its dividends are taxable. Sealaska’s success over the past few years means that these calculations are more likely to determine that the dividend payments are taxable. During the last 15 years, dividends were reported as 100% taxable in 2007, 2008 and 2015. We aim to inform shareholders the best we can for planning purposes and utilize MySealaska.com to share information. Internal Revenue Code Sections 301 and 316 provide the statutory law for determining taxability of dividends.
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