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General
IRS Form 1099-INT is a tax return filed by financial institutions and other organizations that pay interest income to individuals or businesses. Its purpose is to report the total amount of interest earned by the recipient from various sources throughout the tax year.
Form 1099-INT serves as an official record of interest income paid to a taxpayer, enabling them to properly declare this income and pay any taxes owed on the interest earned during the tax year.
Any individual, business, or entity that pays interest totaling $10 or more to another person or entity during the tax year is required to file Form 1099-INT. This form is used to report the interest payments made.
The types of organizations that must file Form 1099-INT include:
Essentially, any payer of interest income must report those payments using Form 1099-INT if the total interest paid to a single recipient equals or exceeds $10 for the tax year.
There are two key deadlines related to Form 1099-INT that payers must be aware of:
The deadline for payers to file Form 1099-INT with the IRS depends on the filing method:
Avoid the last-minute 1099-INT deadline stress
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Payers are required to provide copies of Form 1099-INT to the recipients (individuals or entities that received interest payments) by January 31st of the year following the tax year for which the form is being issued. This ensures that recipients have the necessary information to accurately report their interest income when filing their tax returns.
It is crucial for payers to meet these deadlines to avoid potential penalties from the IRS for failure to file Form 1099-INT accurately and on time. Penalties may be imposed for late filing, failure to provide recipient copies, or reporting incorrect information on the form.
If you miss filing Form 1099-INT within the deadline, the IRS will impose a penalty for each missed return. Below is the breakdown of Form 1099-INT penalties:
Days late | Penalty per return |
---|---|
Up to 30 days | $60 |
31 days late through August 1 | $130 |
After August 1 or not filed | $330 |
Intentional disregard | $660 |
Why risk penalties?
Choose TaxZerone to e-file your 1099-INT forms ahead of the deadline.
Let's see line-by-line instructions on how to fill out Form 1099-INT.
Enter your name or business name, complete address, and TIN (SSN if you're an individual; EIN if you're a business)
Enter the recipient's name, complete address, and TIN (SSN for an individual; EIN for a business).
Check this box if you are
If you are a financial institution and wish to participate in the program for direct deposit of refunds, enter your routing transit number (RTN).
Enter the taxable interest income not included in box 3.
Enter the amount of interest or principal you had to forfeit due to an early withdrawal from a time deposit account, such as a certificate of deposit (CD). This forfeited amount is deductible from your gross income by the recipient.
DO NOT subtract the forfeited amount from the interest income reported in Box 1. Report the full interest income amount in Box 1 and the early withdrawal penalty separately in Box 2.
Enter interest on U.S. Savings Bonds, Treasury bills, Treasury notes, and Treasury bonds. DO NOT include in box 1.
Enter any federal income tax that was withheld from the payments reported in Boxes 1, 3, and 8.
This box is only relevant for single-class real estate mortgage investment conduits (REMICs). See the instructions under "Rules for REMICs, FASITs, and Issuers of CDOs" for information about reporting investment expenses in Box 5 for single-class REMICs.
Enter any foreign tax paid on interest. Report the amount in U.S. dollars.
Enter the name of the foreign country or U.S. territory for which the foreign tax was paid. Only applicable if you have reported in box 6.
Enter any tax-exempt interest of $10 or more (not including tax-exempt original issue discount) that was paid or credited to the person's account. This includes interest from obligations issued by
Enter interest of $10 or more from specified private activity bonds.
Specified private activity bond means any private activity bond defined in section 141 and issued after August 7, 1986.
If the recipient notified you that they made an election under section 1278(b) for a covered security acquired with a market discount, enter the amount of market discount that accrued on that debt instrument during the tax year, if the amount is $10 or more.
If a taxable bond was purchased above par value (at a premium), report the portion of that premium amount that can be amortized against the interest paid that year, unless the bondholder instructed you they did not want to amortize the premium.
If a U.S. Treasury security was purchased above par value (at a premium), report the portion of that premium amount that can be amortized against the interest paid that year, unless the holder instructed you they did not want to amortize the premium.
If a tax-exempt bond was purchased above par value (at a premium), report the portion of that premium amount that can be amortized against the interest paid that year.
Form 1099-INT can be filed electronically or by postal mail.
The IRS recommends e-filing Form 1099-INT as the process is efficient and straightforward. E-filing offers the advantage of receiving notifications promptly after the IRS processes your submission.
To e-file Form 1099-INT, you can choose an IRS-authorized e-file service provider, such as TaxZerone.
With TaxZerone, the e-filing process is streamlined and can be completed within minutes. You simply need to fill out the form, review the information, transmit it to the IRS electronically, and provide the recipient's copy.
If you prefer to file Form 1099-INT via traditional paper methods, here are the steps to follow:
Important considerations for paper filing:
If you prefer paper filing, the mailing address for Form 1099-INT varies depending on your business location. Below is a table summarizing the mailing address for Form 1099-INT:
If your business operates in or your legal residence is… | Mail Form 1099-INT to… |
---|---|
Alabama, Arizona, Arkansas, Delaware, Florida, Georgia, Kentucky, Maine, Massachusetts, Mississippi, New Hampshire, New Jersey, New Mexico, New York, North Carolina, Ohio, Texas, Vermont, Virginia | Internal Revenue Service Austin Submission Processing Center P.O. Box 149213 Austin, TX 78714 |
Alaska, Colorado, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Michigan, Minnesota, Missouri, Montana, Nebraska, Nevada, North Dakota, Oklahoma, Oregon, South Carolina, South Dakota, Tennessee, Utah, Washington, Wisconsin, Wyoming | Department of the Treasury IRS Submission Processing Center P.O. Box 219256 Kansas City, MO 64121-9256 |
California, Connecticut, District of Columbia, Louisiana, Maryland, Pennsylvania, Rhode Island, West Virginia | Department of the Treasury IRS Submission Processing Center 1973 North Rulon White Blvd. Ogden, UT 84201 |
Outside the United States | Internal Revenue Service, Austin Submission Processing Center, P.O. Box 149213, Austin, TX 78714 |
Before initiating the e-filing process for Form 1099-INT, it's essential to have all the necessary information ready to ensure a smooth and efficient filing experience. Here's what you'll need:
Once you have gathered all the required information, you can proceed with the e-filing process using TaxZerone in three simple steps:
Step 1: Complete Form 1099-INT
Fill out the form with the necessary details, including payer and recipient information, interest paid, and any federal income tax withheld.
Step 2: Review and transmit the return
Carefully review the information entered to ensure accuracy, and then transmit the completed Form 1099-INT to the IRS electronically.
Step 3: Provide the recipient copy
After transmitting the form to the IRS, send a copy of the completed Form 1099-INT to the recipient for their tax reporting purposes.
When you choose to e-file Form 1099-INT with TaxZerone, you can enjoy the following advantages:
By leveraging TaxZerone's e-filing solution, you can streamline the Form 1099-INT filing process, ensuring accuracy, efficiency, and compliance with IRS requirements.