Shareholders Will Not Receive 1099 Forms for DST Distribution
On November 16, 2018, Doyon, Limited shareholders voted to create the Doyon Settlement Trust (DST). DST distributions replaced all Doyon dividends issued to its shareholders. On December 4, 2018, the first DST distribution was made by direct deposit or through the mail.
Shareholders will no longer receive a 1099 form from the IRS as the DST distribution is not taxable. This tax break was the primary reason Doyon encouraged shareholders to vote to create the DST and transition from dividends to distributions.
Please note that the 7(j) distributions that Doyon pays to at-large shareholders and village corporations in May of each year cannot be paid out of the DST and will continue to be taxable.
For more information about the distributions, please contact the shareholder records department at 1-888-478-4755 (toll-free), 459-2040 (in Fairbanks) or email@example.com. Please note that Doyon is not qualified to provide tax advice to shareholders; shareholders should contact a tax preparer with tax return-related questions.