Door Prizes: Door prizes or other winnings in cash or property valued of $600 or more are reported in Box 3 (Other Income) on Form 1099-MISC.
ANCSA 7(j) Payments: At-large shareholders received $20.96 per share ($2,096 for 100 shares) 7(j) resource payment in 2019. 7(j) payments are reported on Form 1099-MISC in box 3 (Other income). The 7(j) payment derives from resource sharing among the 12 regional corporations as required by the Alaska Native Claims Settlement Act (ANCSA). The 7(j) payment appears on a different form because resource revenue payments are not dividends and are not considered investment income. Village corporation shareholders do not receive a 7(j) dividend as ANCSA requires that resource revenue be paid directly to the village corporations.
Bristol Bay Settlement Trust Distributions: The Settlement Trust distribution benefits paid in 2019 are not taxable and have not been reported on Form 1099.
Quarterly Elder Settlement Trust Distributions: The Bristol Bay Elders Trust distributions received in 2019 are not taxable and have not been reported on Form 1099.
BBNC cannot provide tax advice and shareholders are encouraged to consult with a tax advisor regarding individual circumstances and applicable federal and state tax requirements. Please remember that it is your responsibility to accurately report your BBNC related income on your tax returns.
Village Corporation 1099 Reporting: Bristol Bay Corporate Services (BBCS) processes dividends for several villages in the Bristol Bay Region. The following summarizes the 1099-DIV reporting for dividends or other payments processed on behalf of villages by BBCS.
Dividends: The following village distributions were reported as dividends in Box 1a on Form 1099-DIV. Dividends reported in box 1a are taxable dividends. The dividend amounts are also reported in Box 1b indicating the dividends are from a domestic corporation and are eligible for the lower dividend tax rates.
- Bay View
- Pedro Bay
Non-Dividend Distributions: The following village distributions were reported in Box 3 (non-dividend distributions) on Form 1099-DIV. Please consult with a tax advisor regarding the taxability of these distributions as they may be non-taxable.
- Far West
*Reporting for village distributions is determined by the respective Village Corporation and communicated to BBNC in writing. BBNC does not determine taxability of these distributions. Please contact your village corporation if you have any questions.