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Form 1099-INT: Core Findings
- Form 1099-INT reports interest income paid by various entities such as banks, credit unions, and financial institutions to individuals or businesses.
- The payer must file this form for whom they:
A payer is required to file Form 1099-INT with the IRS and furnish
recipient copies before the required deadline.
Filing Methods | Deadline for 2024 Tax Year |
---|---|
Electronic Filing Deadline | March 31, 2025 |
Recipient Copy Distribution Deadline | January 31, 2025 |
What Information is Required to File Form 1099-INT Electronically?
- 1. Payer Information: Name, TIN, and Address
- 2. Recipient Information: Name, TIN, Address, and Account Number
-
3. Interest Payment Details:
- Interest Income Amount
- Federal Income Tax Withheld
- Any other relevant details include foreign tax paid, investment expenses, or specific types of interest (e.g., tax-exempt interest), market discount, bond premium, bond premium on treasury obligations, and tax-exempt bonds.
- 4. State Filing Information: State Abbreviation, payer’s state identification number, and state income tax withheld.
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Simplify Your 1099-INT Filing with TaxBandits
Let TaxBandits streamline your 1099-INT filing process with our all-inclusive services, ensuring full compliance with
federal and state regulations.
Federal and State Filing
- Easily prepare and e-file 1099-INT forms to meet IRS compliance, seamlessly managing both federal and state-specific filing requirements.
W-9 Manager
- Securely collect W-9 forms from recipients online and file 1099-INT returns effortlessly with a single click of a button.
TIN Matching
- Cross-check recipient TINs with the IRS database to ensure your 1099-INT returns are free from discrepancies.
Postal Mailing
- Trust TaxBandits to print and mail 1099-INT copies to all necessary recipients efficiently.
Online Access
- Share 1099-INT form copies to your recipients using a secure online portal.
Corrections
- Quickly and accurately fix any errors in your previously filed 1099-INT forms using TaxBandits.
How to E-file Form 1099-INT Online for 2024 with TaxBandits?
Discover Features That Make E-Filing Your 1099-INT
Smooth and Simple
User-Friendly Interface
Our software simplifies the filing process with intuitive navigation and clear, step-by-step instructions for a smooth experience.
Address Book
Add payers and recipients once, securely store their details, and access the information for future filings.
Bulk Upload Options
Easily upload your data with our standard CSV template and say goodbye to manual entry.
Save As Drafts
You can save your 1099-INT filing progress as a draft, allowing you to continue from the exact point you
left off.
Internal Audit Check
Our system includes automatic error checks to audit your 1099-INT forms for common mistakes before you submit them.
IRIS Business Validation
Our software complies with IRIS standards, ensuring your 1099-INT forms are validated based on the new business rules.
Download Form Copies
TaxBandits lets you easily download and print copies of your transmitted forms.
Dedicated Support
Our team of experts is available 24/7 to assist with questions about the filing process via phone, email, or live chat.
Exclusive PRO Features for Tax Pros
Improve your tax filing process and regulate your workflow with advanced features designed exclusively
for tax professionals.
BanditCollab (Team Management)
Streamline your workflow effortlessly by adding unlimited team members and allocating roles—Preparer, Approver, or Transmitter—according to their filing responsibilities.
BanditConnect (Client Management)
Securely exchange files, communicate with clients through BanditConnect and customize the portal to showcase your unique branding.
Custom Reports
Improve your decision-making with custom reports that give insight into team performance and client filings, supported by comprehensive analytics.
Our Potent API Offers a Powerful Solution to Automate Your
1099-INT E-filing
Transform your 1099-INT filing and distribution process with our robust API. Seamlessly integrate our 1099 API with your software or portal to automate tasks and ensure accuracy, minimizing manual efforts.
Learn moreRead What Our Customer Says About TaxBandits
Frequently Asked Questions to File 1099-INT Online
What is IRS Form 1099-INT?
Form 1099-INT is an IRS tax form used by payers such as banks, mutual funds, savings institutions, government entities, and other financial institutions that report to the IRS regarding the interest paid to recipients, investment expenses, bond premiums, taxes withheld, and more.
A copy of Form 1099-INT must be provided to the recipient.
Who is required to file Form 1099-INT?
If you are a payer, you are required to File 1099-INT for each recipient under the following conditions:
- If you paid more than $10 to the recipient(s) for interest, Interest on U.S. Savings Bonds and Treasury obligations, and Tax exempt interest.
- If you withheld and paid any foreign tax on interest.
-
Regardless of payment, you must file form 1099-INT if you withheld any federal income tax under a
backup withholding.
Who is required to file Form 1096?
The payers use Form 1096 to summarize 1099-INT Forms filed with the IRS. This Form is required only when you file 1099-INT Forms on paper.
Form 1096 is not required when you file 1099-INT electronically.
Is it required to file Form 1099-INT with the state?
A few states require filing Form 1099-INT to report the state tax withheld from the 1099-INT payment, including any additional information the state requires. Check your state filing requirements.
When is the deadline to file Form 1099-INT for the 2024 tax year?
- The deadline to electronically file Form 1099-INT is March 31, 2025.
-
The deadline to distribute recipient copies is
January 31, 2025. - If filing Form 1099-INT on paper, the due date is February 28, 2025.
Visit https://www.taxbandits.com/1099-forms/form-1099-int-due-date/ to know more about 1099-INT Due dates
What are the requirements for filing Form 1099-INT?
If you are a payer, you are required to File 1099-INT Form for each recipient using the following information:
- Payer Information such as Name, Address, EIN/SSN
- Recipient Information such as Name, Address, EIN/SSN
- Interest and premium paid to the recipient
- Federal income tax withheld
- State and local information such as State number, taxes withheld
If you have the information available for reporting 1099-INT, get started with TaxBandits and file Form 1099-INT electronically with the IRS. Get Started Now
How do I fill out a 1099-INT form?
IRS Form 1099 INT is comprised of 17 boxes. The form also contains boxes for reporting Payers' and recipients' personal details.
Boxes For Reporting Payer Information
1. Enter your information such as Name, Address, City or Town, State, Postal Code and Phone Number
2. Enter your TIN (EIN/SSN)
Boxes For Reporting Recipient Information
1. Enter your recipient TIN
2. Enter your recipient Name
3. Enter your recipient Address
4. Enter your recipient City, State, Country and ZIP code
Check Box for FATCA filing requirement
Check this box, if you meet the following requirements:
- If you are a payer in the United States and required to satisfy the chapter 4 account reporting requirement under section 1.1471-4(d)(2)(iii)(A).
- If you are a FFI (Foreign Financial Institution) reporting payments to a U.S. account pursuant to an election described in Regulations section 1.1471-4(d)(5)(i)(A).
Check Box for 2nd TIN Notification
If the IRS has notified you twice within 3 tax years that the payee provided an incorrect TIN for filing Form 1099-INT, you may enter an “X” in this box.
If you check this box, the IRS will no longer send you notifications regarding this account.
Continue entering the interest payments that you made to the recipient and indicate if you withheld any taxes from the recipient.
Boxes for debt information
-
Box 1: Interest Income
Enter the taxable interest of $10 or more you paid to the recipient, which is not included in box 3. Also, enter the interest of $600 or more you paid in the course of your trade or business under certain conditions.
-
Box 2: Early Withdrawal Penalty
Enter the early withdrawal penalty in Box 2 if a recipient withdraws money from a CD (certificate of deposit) or other time-deposit savings account before your certificate matures.
Taxable interest Sources:
- Bank account dividends, money market accounts, certificate of deposit (or CD), corporate bond or deposited insurance
- Interest from notes and bonds; treasury bills
- Interest from Series EE and Series I U.S. Savings Bonds when these bonds are redeemed or mature
-
Box 3: Interest on U.S. Savings Bonds and Treas. Obligations
Enter interest on U.S. Savings Bonds, Treasury bills, Treasury notes, and Treasury bonds.
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Box 4: Federal Income Tax Withheld
If you withheld any taxes under Backup withholding for not furnishing the correct TINs, you must
report in Box 4. -
Box 5: Investment expenses
Enter the amount on the payee's share of any investment expenses from a single class REMIC (A real estate mortgage investment conduit).
-
Box 6: Foreign Tax Paid
Enter if you paid any foreign taxes on interest.
-
Box 7: Foreign Country or U.S. Possession
If you paid any foreign tax as reported in Box 6 of Form 1099-INT, enter the name of the foreign country or
U.S. possession. -
Box 8: Tax-Exempt Interest
Enter the tax-exempt interest you paid to your recipient during the tax year.
-
Box 9: Specified Private Activity Bond Interest
Enter any interest exceeding $10 from specified private activity bonds (any private activity bond defined in Section 141 and issued after August 7, 1986).
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Box 10: Market Discount
Enter the market discount amount on bonds that were purchased at less than face value. A portion of this discount is taxable interest.
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Box 11: Bond premium
For other than a U.S. Treasury obligation that is covered security acquired at a premium, enter the amount you paid during the tax year unless you were notified in writing that the holder did not want to amortize bond premium under section 171 for bond premium amortization allocable to the interest.
-
Box 12: Bond Premium on U.S. Treasury Obligations
For any U.S. Treasury obligation that is covered security acquired at a premium, enter the amount you paid during the tax year unless you were notified in writing that the holder did not want to amortize the bond premium under Section 171 for bond premium amortization allocable to the interest.
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Box 13: Bond Premium on Tax-Exempt Bond
For a tax exempt covered security acquired at a premium (U.S. Treasury obligation), enter the amount of the bond premium amortization allocable to the interest you paid during the tax year.
-
Box 14: Tax-Exempt and Tax Credit Bond CUSIP No
For single bonds or accounts containing a single bond, enter the tax-exempt and tax credit bond
CUSIP number. -
Boxes 15–17: State Information
These boxes should be completed by any payers who participate in the CF/SF (Combined Federal/State Filing) Program and/or who are required to file paper copies of the 1099-INT Forms with a state agency.
- Box 15 - Enter State
- Box 16 - Enter State identification number
- Box 17 - Enter State tax withheld
Want to know how to complete Form 1099-INT? Here are the step-by-step instructions for Form 1099-INT.
What are the copies of Form 1099-INT?
The payer must complete 4 copies when filing Form 1099-INT:
- Copy A must be filed with the IRS.
- Copy 1 must be filed with the State tax department.
- Copy B must be furnished to the recipient.
- Copy 2 must be filed with the recipient's state income tax return when required.
Choose TaxBandits for filing the 1099-INT Form. We file with the IRS, State and mail recipient copies of Form 1099-INT.
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What are the most common errors on Form 1099-INT?
The two most common errors that occur when filing Form 1099-INT are:
- Incorrect amount(s), code or checkbox
- No payee TIN (SSN, EIN, QI-EIN or ITIN), incorrect payee TIN/Name
How do I correct errors on Form 1099-INT?
If you need to correct a IRS 1099-INT that’s been previously filed with the IRS
You’re also required to furnish the corrected copies of Form 1099-INT to the recipient(s).
To correct a form 1099-INT previously filed with the IRS, use a seperate Form 1099-INT and enter an “X” in the “CORRECTED” box. Make any necessary corrections to your 1099-INT Forms and transmit them to the IRS.
If the error is an incorrect TIN/ID, you must send a written statement to the IRS to correct the form.
How to Get an Extension on IRS Form 1099 INT?
If you need more time to file Form 1099-INT, you may request an automatic 30-day extension by filing Form 8809. Requests for an extension can be made either electronically or by paper.
What are the penalties for not filing Form 1099-INT?
If you fail to file and furnish Form 1099-INT within the specified deadlines, the IRS will impose penalties ranging between $60 and $660, depending on your business size and the delayed period. Learn More about 1099-INT penalties.
Experience the secure and accurate filing of 1099-INT Forms with TaxBandits. We handle filing your forms with the Federal and State and mail copies to your recipients via post.
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