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GiftLaw Pro Home   >  Chapter 8 - Gift Administration  >  8.1 Gift Annuities  >  8.1.3 IRS Tax Forms  >  Basic Quiz

Basic Quiz - 8.1.3 IRS Tax Forms

1. Payments from a gift annuity must be reported by the annuitants on their tax returns.
           
2. Charities issuing gift annuities must provide all active annuitants with Form 1099-R by July 31 of each year.
           
3. Charities must also submit forms to the IRS concerning gift annuities issued by the charity.
           
4. Charities filing electronically for the first time must submit Form 4419.
           
5. Form 4419 must be submitted to the IRS at the time the charity files electronically.
           
6. A charity may print Copy A on regular blank printer paper.
           
7. Form 1096 is simply an information return.
           
8. If an organization is filing more than 50 Form 1099-Rs, it must do so electronically.
           
9. Form 1099-R is not available on the IRS web site.
           
10. A $150 penalty is applied to each form that the IRS is unable to scan.