What is a 1099-INT Form?
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Form 1099-INT - Interest Income
Updated on January 21, 2022 - 10:30 AM by Admin, TaxBandits
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. When it comes to the Form 1099-INT, there are specific filing requirements. Keep reading for a thorough overview of the Form 1099-INT.
1. What is Form 1099-INT?
Form 1099-INT specifically reports interest income to the IRS. In addition to filing on time with the IRS, a copy of Form 1099-INT must be distributed to recipients. As this form is filed on an annual basis, sometimes a refresher is necessary.
2. Who is Required to file Form 1099-INT?
If you paid interest income, US savings bonds, treasury obligations, and interest expenses to individuals. You must also report any taxes withheld and paid on foreign tax on interest. In addition Form 1099-INT should be used to report any federal income tax under the backup withholding rules regardless of the amount of the payment.
3. When is the Form 1099-INT Due Date?
here are a few key deadlines for form 1099-INT for the 2021 tax year.
|Paper filing||E-filing||Recipient Copies|
March 1, 2022
March 31, 2022
January 31, 2022
4. Form 1099-INT Filing Methods
Form 1099-INT can be filed either electronically or by submitting paper copies.
The IRS accepts paper copies of Form 1099-INT. However, if you are planning on filing more than 250 paper forms, electronic filing is required.
Electronic filing is more accurate, convenient, and secure than traditional paper filing. E-filing is the IRS preferred filing method because it allows them to process the forms at a faster rate and provide updates in a much shorter timetable. Also you will get instant notification from the IRS.
5. E-File Form 1099-INT With TaxBandits
You can easily e-file Form 1099-INT with TaxBandits by following a few simple steps.
- Create an account with TaxBandits.
- Select or add the business you are filing for.
- Enter the required Form 1099-INT details.
- Review and transmit Form 1099-INT to the IRS.
Get started with TaxBandits today and stay compliant with the IRS! E-file as low as $0.80/Form
Need a recipient copy solution? TaxBandits has you covered! You can select from our postal mail and online access options.
TaxBandits supports the secure and accurate filing of Form 1099-INT Forms with the IRS and State. We also offer solutions for the distribution of your recipient copies.
Helpful Resource for Form 1099-INT
1099-INT Due Date
Get to know the Form 1099-INT due date for 2021 tax year. Know the Form 1099-INT deadline before filing to stay away from the penalties.
Form 1099-INT Instructions
Step by step breakdown of everything
you need to know before filing
Form 1099-INT for the 2021