Instructions for Filling Out Form 1099-INT

This document offers comprehensive guidance on completing Forms 1099-INT and 1099-OID, covering various aspects such as reporting exceptions, payment timings, interest and OID reporting, statements to recipients, account numbers, payer's RTN, and specific instructions for each form box.

In this article, we'll provide information on Form 1099-INT and a step-by-step guide on how to fill it out, keeping it straight to the point.

What is Form 1099-INT?

Form 1099-INT is a tax form used by banks and other financial institutions to report interest income of $10 or more, as well as certain other amounts from interest, dividends, and barter exchanges. The purpose of this form is to report interest income paid to investors, along with other types of income such as early withdrawal penalties, foreign tax paid, and federal income tax withheld. Detailed instructions for filling out this form can be found on the Internal Revenue Service (IRS) website, which covers definitions of terms, specific instructions for each box, exceptions to reporting, and the requirement to furnish a statement to the recipient of the form.

Who Must File Form 1099-INT?

Form 1099-INT must be filed by individuals or entities who meet any of the following criteria: paid at least $10 in reportable amounts in boxes 1, 3, or 8; paid at least $600 of interest in the course of their trade or business; withheld and paid any foreign tax on interest; or withheld any federal income tax under backup withholding rules without refunding it, regardless of the payment amount.

Form 1099-INT Tax Filing Deadlines and Due Dates

Due dates for filing 1099 forms:

• January 31: Furnish Copy B of Form 1099-INT to the recipient.
• February 28: File paper Copy A of Form 1099-INT with the IRS.
• March 31: File electronic Copy A of Form 1099-INT with the IRS.

Please note that these dates may change, and it's essential to check the IRS website for the most up-to-date information.

Form 1099-INT Late Payment Penalty

There’s no specific late payment penalty for Form 1099-INT, though it's important to file the form on time to avoid potential penalties. Late filing or failure to file can result in penalties based on the duration of the delay and the size of the business. To ensure compliance and avoid penalties, always check the IRS website for the most up-to-date information and deadlines.

Step-by-Step Instructions for Form 1099-INT

Here are the step-by-step instructions for filling out Form 1099-INT:

1. Payer's name, street address, city or town, state or province, country, ZIP or foreign postal code, and telephone number: Enter the payer's information in this section.
2. Payer's TIN: Enter the payer's taxpayer identification number (TIN), which can be either an employer identification number (EIN) or a social security number (SSN).
3. Recipient's TIN: Enter the recipient's taxpayer identification number, which can be either a social security number (SSN), individual taxpayer identification number (ITIN), or adoption taxpayer identification number (ATIN).
4. Recipient's name: Enter the recipient's full name.
5. Street address (including apt. no.): Enter the recipient's street address, including apartment number if applicable.
6. City or town, state or province, country, and ZIP or foreign postal code: Enter the recipient's city or town, state or province, country, and ZIP or foreign postal code.
7. Account number: Enter the recipient's account number with the payer, if applicable.
8. Box 1 - Interest income: Enter the total amount of interest income paid to the recipient during the tax year.
9. Box 2 - Early withdrawal penalty: Enter any early withdrawal penalties paid by the recipient during the tax year.
10. Box 3 - Interest on U.S. Savings Bonds and Treasury obligations: Enter the interest paid on U.S. Savings Bonds and Treasury obligations, if applicable.
11. Box 4 - Federal income tax withheld: Enter the amount of federal income tax withheld from the recipient's interest income, if any.
12. Box 5 - Investment expenses: Enter the recipient's share of investment expenses, if any.
13. Box 6 - Foreign tax paid: Enter the amount of foreign tax paid by the recipient, if any.
14. Box 7 - Foreign country or U.S. possession: Enter the name of the foreign country or U.S. possession where the foreign tax was paid, if applicable.
15. Box 8 - Tax-exempt interest: Enter the amount of tax-exempt interest paid to the recipient, if any.
16. Box 9 - Specified private activity bond interest: Enter the amount of specified private activity bond interest paid to the recipient, if any.
17. Box 10 - Market discount: Enter the market discount on a tax-exempt bond, if any.
18. Box 11 - Bond premium: Enter the bond premium on a tax-exempt bond, if any.
19. Box 12 - Bond premium on Treasury obligations: Enter the bond premium on Treasury obligations, if any.
20. Box 13 - Bond premium on tax-exempt bond: Enter the bond premium on a tax-exempt bond, if any.
21. Box 14 - Tax-exempt and tax credit bond CUSIP no.: Enter the CUSIP number for tax-exempt and tax credit bonds, if applicable.
22. Box 15 - State: Enter the name of the state for which state tax was withheld, if any.
23. Box 16 - State identification no.: Enter the state identification number, if any.
24. Box 17 - State tax withheld: Enter the amount of state tax withheld, if any.

Once you have completed filling out Form 1099-INT, make sure to review the information for accuracy before submitting it to the appropriate parties.

How to Submit Form 1099-INT

To submit Form 1099-INT, first, furnish Copy B of the form to the recipient by January 31. Then, file paper Copy A with the IRS by February 28 or file electronic Copy A with the IRS by March 31. Ensure all information is accurate before submitting to avoid potential penalties.

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