Bristol Bay Settlement Trust Distributions: The Settlement Trust distribution benefits paid in 2020 are not taxable and are not required to be reported on Form 1099. Therefore, no 1099 tax forms have been sent to shareholders.
Quarterly Elder Settlement Trust Distributions: The Bristol Bay Elders Trust distributions received in 2020 are not taxable and are not required to be reported on Form 1099. Therefore, no 1099 tax forms have been sent to shareholders.
ANCSA 7(j) Payments: At-large shareholders received a $17.78 per share ($1,778 for 100 shares) 7(j) resource payment in 2020. 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.
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.
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 Inc.
- Igiugig Native Corporation
- Koliganek Natives Limited
- Stuyahok Limited
- Ekwok Natives Limited
Village Corporation Settlement Trust Distributions: The distributions from the following villages were from the Alaska Native Settlement Trusts. These distributions are not taxable and are not required to be reported on Form 1099. Therefore, no 1099 tax forms have been sent to shareholders.
- Paug-Vik Inc. Limited
- Choggiung Limited
- Togiak Natives Limited
- Aleknagik Natives Limited
Village Corporation Distributions of Alaska Native Funds: The distributions to shareholders designated as distributions of Alaska Native Funds originally received by the village corporations under ANCSA are not taxable and are not reportable on Form 1099. Therefore, no 1099 forms have been sent to shareholders.
- Manokotak Natives Limited
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.
- Saguyak Inc.
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.