The IRS mandates e-filing when you file 10 or more tax returns for the 2023 tax year.
How to E-file Form 1099-INT Online for 2023 with TaxBandits?
What Information is Required to File Form 1099-INT Electronically?
- 1. Payer Details: Name, TIN, and Address
- 2. Recipient Details: Name, TIN/Social Security, and Address
- 3. Federal Details: Federal Interest Income and Federal Tax Withheld
- 4. State Filing Details: State Income, Payer State Number, and State Tax Withheld
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Frequently Asked Questions
What Is The 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
Who Is Required To File Form 1096?
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.
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 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.
When Is The Deadline To File Form 1099-INT?
For 2023 Tax Year, January 31, 2024 is the due date to distribute recipient copies, February 28, 2024 is the due date to paper file with the IRS and April 1, 2024 is the due date to file Form 1099-INT electronically.
January 31, 2024
February 28, 2024
April 1, 2024
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.
How To 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.
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
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).
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.
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.
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
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 Form 1099-INT Copies?
Payer must complete 5 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.
- Copy C is for the payer’s record.
Choose TaxBandits for filing 1099-INT Form. We file with the IRS, State and mail recipient copies of Form 1099-INT.
What Are The Most Common Errors On Forms 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 To 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 Late Filing Penalties for Form 1099-INT?
The IRS will issue penalties for filing 1099-INT Forms for the following reasons:
- Not filing 1099-INT by the due date
- Not filing a proper 1099-INT paper form that's machine-readable
- Using the form 1099-INT for the wrong year
- Not using the correct copy of Form 1099-INT
- Filing with an Incorrect or missing TIN
- Filing with the incorrect information
If filing a 1099 INT Form that is late for less than 30 days, the penalty is $60 per form and increases to $120 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.
Helpful Resources for Form 1099-INT
What is Form 1099-INT?
The 1099-INT is a part of the 1099 Series of forms. This series of IRS tax forms is used to report a variety of different non-payroll payments.
Form 1099-INT Instructions
Step by step breakdown of everything
you need to know before filing
Form 1099-INT for the 2023