Quickly and easily e-file your State 1099 Forms along with any State Recon/Transmittal Forms that you may need.
TaxBandits delivers your recipient copies by postal mail.
Do you have the 1099 data in FIRE file format? We e-file your Form 1099 and mail the copies to your recipient.
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Are you ready to file your 1099-INT? Get started with your free TaxBandits account!
Are you ready to file Form 1099 INT? Get Started with TaxBandits & file your form in minutes.
Form 1099-INT is an IRS tax form used by payers such as banks, mutual funds, savings institutions, government entities, and other financial centers 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.
If you are a payer, you are required to File Form 1099-INT for each recipient under the following conditions:
For more details about Form 1099 INT, visit irs.gov.
Form 1096 is used by the payers to summarize 1099-INT Forms being filed with the IRS. This Form is required only when you file 1099-INT Forms by paper.
It is not required when you file electronically.
A few states require the filing of Form 1099-INT to report the state tax withheld from the 1099-INT payment, including any additional information required by the state. Check your state filing requirements.
January 31, 2020 is the due date to distribute copies of Form 1099-INT to a recipient. If you choose to file by paper, the deadline is February 28, 2020 for the 2019 Tax Year. The Form 1099-INT electronic filing deadline is on March 31, 2020.
If you have the information available for reporting 1099-INT, get started with TaxBandits and file Form 1099-INT securely & accurately with the IRS.
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Form 1099 INT is comprised of 17 boxes. The form also contains boxes for reporting Payers and Recipients personal details.
1. Enter your information such as Name, Address, City or Town, State, Postal Code and Phone Number
2. Enter your TIN (EIN/SSN)
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 this box, if you meet the following requirements:
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 the notifications regarding this account.
Continue entering the interest payments that you made to the recipient and indicate if withholding any taxes from the recipient.
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.
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.
Enter interest on U.S. Savings Bonds, Treasury bills, Treasury notes, and Treasury bonds.
If you withheld any taxes under Backup withholding for not furnishing the correct TINs, you must report in Box 4.
Enter the amount on the payee's share of any investment expenses from a single class REMIC (A real estate mortgage investment conduit).
Enter if you paid any foreign taxes on interest.
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.
Enter the tax-exempt interest you paid to your recipient during the tax year.
Enter any interest exceeding $10 from specified private activity bonds (any private activity bond defined in section 141 and issued after August 7, 1986).
Enter the market discount amount on bonds that were purchased at less than face value. A portion of this discount is taxable interest.
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.
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.
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.
For single bonds or accounts containing a single bond, enter the tax-exempt and tax credit bond CUSIP number.
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.
Payer must complete 5 copies when filing Form 1099-INT:
Choose TaxBandits for filing 1099-INT Form. We file with the IRS, State and mail recipient copies of Form 1099-INT. Get Started Now
The two most common errors that occur when filing Form 1099-INT are:
If you discover an error after filing 1099-INT with the IRS and plan to make corrections on your Form 1099-INT, follow these steps to make adjustments to the form.
If you need to correct a Form 1099-INT that’s been previously filed with the IRS, you must correct the errors by filing Copy A and Form 1096 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.
Choose TaxBandits to correct any errors on Form 1099-INT. Even if you have filed your original returns with another e-file provider, you can use TaxBandits to make corrections & transmit it to the IRS. Get Started Now
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.
The IRS will issue penalties for filing 1099-INT Forms for the following reasons:
If filing a 1099 INT Form that is late for less than 30 days, the penalty is $50 per form and increases to $100 per form if more than 30 days late. 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. Start E-filing Now
If you found any errors after filing your 1099 return with the IRS, correct the information as soon as possible and submit the corrected form and Form 1096 to the IRS.
A penalty will be charged if you fail to issue Form 1099 to the payee. The amount of the penalty is based on when you file the correct information return.