With regard to our special cash dividend from March 20, 2019, MTI has been made aware that some Form 1099 DIV’s were incorrectly issued to shareholders in January/February 2020. This occurred because of a third-party vendor not notifying brokerage firms of the correct allocation of the Company’s 2019 dividend distribution until the first week of February, after most brokers had already processed Form 1099 DIVs for their clients.
As was mentioned in our June 28, 2019 press release, the tax treatment, for federal tax purposes, of MTI’s 2019 special cash dividend should be applied as 43% ordinary dividends and 57% as nondividend distributions. Corrected Form 1099 DIVs should be issued by brokerage firms to properly reflect this tax treatment of the special dividend.
Please contact your broker directly for any questions that you may have regarding the issuance of your Form 1099 DIV.
Thank you.
