IRS Form 1099-INT E-Filing Deadline is March 31, 2021
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What Information is Required to File Form 1099-INT Electronically?
- 1. Payer Details: Name, EIN, and Address
- 2. Recipient Details: Name, EIN/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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How to E-file Form 1099-INT Online for 2020 with TaxBandits?
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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 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.
Who Is Required To File Form 1099-INT?
If you are a payer, you are required to File Form 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.
For more details about Form 1099 INT, visit irs.gov.
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.
It is not required when you file electronically.
Filing 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?
February 1, 2021 is the due date to distribute copies of Form 1099-INT to a recipient. If you choose to file by paper, the deadline is March 1, 2021 for the 2020 Tax Year. The Form 1099-INT electronic filing deadline is on March 31, 2021.
What Are The Requirements For Filing Form 1099-INT?
- 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
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How To Fill Out A 1099-INT Form?
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
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 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.
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.
Taxable interest Sources:
- Bank account Dividends, money market account, 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 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.
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 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).
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 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 no
- Box 17 - Enter State tax withheld
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.
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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
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.
How To Correct Errors On Form 1099-INT?
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
Form 1099-INT Extension
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.
1099-INT Late Filing Penalties
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 $50 per form and increases to $100 per form if more than 30 days late. Learn More about 1099-INT penalties.
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Helpful Resource for Form 1099-INT
Form 1099 Correction
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.
Form 1099 Penalty
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.