Kuukpik Shareholders:
Many of you are working on your 2023 income tax returns and have reached out to Kuukpik asking for their 1099s. But many shareholders will not receive a 1099 because Kuukpik has taken steps to keep shareholders from having to pay taxes on the payments Kuukpik makes to shareholders.
We want to remind shareholders that Kuukpik created the Kuukpik Corporation Distribution Settlement Trust (“The Settlement Trust”) in 2021 to reduce the tax burden for the Corporation and its shareholders.
Most shareholders will not receive a 1099-DIV for 2023 because the payments shareholders received from the Settlement Trust in 2023 are not taxable dividends under the tax laws. Since they are not taxable, you do not need a 1099-DIV for payments you may have received from the Settlement Trust.
You may still receive a 1099-DIV, 1099-MISC or 1099-NEC if you received other payments from the Corporation. Examples are honoraria, cash prizes, contract work or non-employee compensation. Those types of payments may still be taxable and those 1099s have already been mailed out before the January 31st deadline.
If you have any questions please do not hesitate to contact either Lisa Cofield or Doug Koprowski at (907) 279-6220. Thank you.
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The Kuukpik Corporation brings together traditions of the past with the visions of the future. More
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