File 1099-INT Online | How to e-File 1099-INT, Filing due date & instructions

File 1099-INT Online

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What is form 1099-INT?

1099-INT is the official form issued by all payers of interest income to investors at year's end. Form 1099-INT breaks down all types of interest income and related expenses. Payers must issue Form 1099-INT for any party to whom they paid at least $10 of interest during the year from activity such as interest accrued from a savings account.

When do you need to file a 1099-INT?

File Form 1099-INT for each recipient under the following conditions:

  • If payments to the recipient(s) for interest exceed $10.
  • If you paid interest on U.S. Savings Bonds and Treasury obligations.
  • If you paid tax-exempt interest.
  • File if you withheld and paid any foreign tax on interest.
  • Regardless of payment amount, file Form 1099-INT if you withheld any federal income tax under backup withholding.

Requirements for Filing 1099-INT

1. Payer Details: Name, TIN, and Address

2. Recipient Details: Name, TIN/Social Security Number, 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

Exceptions to 1099-INT

Exempt recipients

You are not required to file Form 1099-INT for payments made to certain payees including but not limited to a corporation, a tax-exempt organization, any IRA, Archer MSA, Medicare Advantage MSA, health savings account (HSA), a U.S. agency, a state, the District of Columbia, a U.S. possession, a registered securities or commodities dealer, nominees or custodians, brokers, or notional principal contract (swap) dealers.

Interest excluded from reporting

You are not required to file Form 1099-INT for interest on an obligation issued by an individual, interest on amounts from sources outside the United States paid outside the United States by a non-U.S. payer or non-U.S. middleman, certain portfolio interest, interest on an obligation issued by an international organization and paid by that organization, and payments made to a foreign beneficial owner or foreign payee.

Other exception

Do not report tax-deferred interest, such as interest that is earned but not distributed from an IRA.

Reporting interest and OID

If you are reporting interest and original issue discount (OID) on any obligation, you may report both the taxable interest and the OID on Form 1099-OID. It is not necessary to file both Forms 1099-INT and 1099-OID.

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Deadlines and Important dates to file 1099-INT Online

Filing Type Due Date
Recipient Copy Jan 31, 2024
IRS eFile April 01, 2024
IRS Paper Filing Feb 28, 2024

1099Online’s 4-Step eFiling Process

  • Enter Federal & State Tax Details: Input accurate federal and state tax details for both payer and recipient.
  • Validate Your Tax Details: Ensure the entered information is accurate and compliant with IRS regulations.
  • Submit Your Returns: Utilize 1099Online's streamlined submission process for quick and secure eFiling.
  • Download Recipient Copy Instantly: Receive immediate access to the recipient copy upon successful submission.

Frequently asked questions

1. What are forms 1099-INT copies?

The Form 1099-INT has five copies that the payer needs to complete when filing by paper, if using a platform like Tax1099 these will be generated and stored for you:

1. Copy A: This copy is filed with the IRS.

2. Copy 1: This copy is filed with the State tax department.

3. Copy B: This copy is given to the recipient.

4. Copy 2: This copy is filed with the recipient's state income tax return if required.

5. Copy C:This copy is for the payer's record.

These copies serve different purposes, including reporting to the IRS, state tax department, providing documentation to the recipient, and maintaining records for the payer.

2. What are the penalties imposed by the IRS for late filing of Form 1099-INT?

The IRS enforces penalties for various reasons related to the filing of 1099-INT Forms. These include:

  1. Failure to submit the 1099-INT by the due date.
  2. Submission of an improper 1099-INT paper form that is not machine-readable.
  3. Usage of the 1099-INT for the incorrect tax year.
  4. Incorrect usage of the designated copy of Form 1099-INT.
  5. Filing with an incorrect or missing Taxpayer Identification Number (TIN).
  6. Filing with inaccurate information.

If the filing of a 1099-INT Form is late for less than 30 days, the penalty amounts to $60 per form. The penalty increases to $120 per form if the filing is more than 30 days overdue. For more details on 1099-INT penalties, you can refer to the provided link.

3. What are the primary mistakes frequently encountered while completing Form 1099-INT?

The two prevailing errors often found during the submission of Form 1099-INT include inaccuracies in the amount(s), code, or checkbox, and the absence of a valid payee TIN (SSN, EIN, QI-EIN, or ITIN), or errors in the payee TIN/Name.