What is a 1099-INT Form?
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IRS Form 1099-INT - Interest Income
Updated on October 16, 2023 - 01:00 PM 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 e-file Form 1099-INT, there are specific filing requirements. Keep reading for a complete overview of the Form 1099-INT.
In this article, we cover the following topics:
1. What is Form 1099-INT?
Form 1099-INT specifically reports interest income to the IRS. In addition to filing 1099 INT 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 IRS 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 2023 tax year.
| Recipient Copies | Paper filing | E-filing |
|---|---|---|
|
January 31, 2024 |
February 28, 2024 |
March 31, 2024 |
4. Form 1099-INT Filing Methods
Form 1099-INT can be filed either electronically or by submitting paper copies.
Paper filing:
The IRS accepts paper copies of 1099 INT Form. However, if you are planning on filing more than 250 paper forms, file 1099 int electronically.
Want to know how to complete Form 1099-INT? Here are the step by step instructions for Form 1099-INT.
Electronic filing:
Form 1099-INT 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 Resources for Form 1099-INT
