MI Form 1099-A 2022-2025

MI Form 1099-A: What You Should Know

Michigan requires the reporting of a secured debt if: “Secured debt” means the amount of tax, interest and penalties which, as of the date the secured person made the payment, exceeds the amount of the outstanding debt. The property includes, but is not limited to, the property of the secured person which is owned, in whole or in part, by the secured person. Secured debt is not property other than land or the tangible, intangible, or intellectual property of the secured person. Secured indebtedness shall not include liabilities for debt, in respect of which the secured person acts as a guarantor, but this does not apply to interest and penalties required to be reported on Form 1099-B. State of Michigan Rev. Stat. Ann. § 777.2423. Note: To be eligible for the 1099-B filing option, a lender must file Form 1099-B electronically using the CD-ROM option described below. Michigan 1099 State Filing Requirements — Tax1099 Note: To be eligible for the 1099-S filing option, a lender must file Form 1099-S electronically using the CD-ROM option described below. Michigan1099 State Filing Requirements— Tax1099 Form 1099-NEx (Necessary Payment for Secured Credit Facilities) The purpose of Form 1099-NEx, Necessary Payment for Secured Credit Facilities, is to provide a method for ensuring that the taxpayer provides a reasonable amount of the necessary payment for securing credit facilities. (Source: Michigan Department of Treasury) What is the purpose of the Necessary Payment for Secured Credit Facilities program from the Michigan Department of Treasury? The purpose of the Necessary Payment for Secured Credit Facilities program is to assure that taxpayers continue to make the maximum payment for secured facilities when the facilities are closed. It requires the lender to assess a reasonable amount of the amounts owed if the amounts due exceed the fair market value of the facility. Note: At the end of the year, taxpayers are not required to pay interest. However, they may choose to pay any amount owed on any indebtedness that is more than 15 percent of the tax year's taxable income.

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