Form 1099-INT, Interest Income

Form 1099-INT, Interest Income, is a yearly tax statement provided by payers of interest income that summarizes income of more than $10 from interest along with associated expenses.  The information on Form 1099-INT is provided to both the payee and the IRS.

Who needs to file a Form-INT?

File Form 1099-INT, Interest Income, for each person:

• To whom you paid amounts reportable in boxes 1, 3, and 8 of at least $10 (or at least $600 of interest paid in the course of your trade or business described in the instructions for Box 1. Interest Income),
• For whom you withheld and paid any foreign tax on interest, or
• From whom you withheld (and did not refund) any federal income tax under the backup withholding rules regardless of the amount of the payment.

Report only interest payments made in the course of your trade or business including federal, state, and local government agencies and activities deemed nonprofit, or for which you were a nominee/middleman. Report tax-exempt interest, only on Form 1099-INT. You do not need to report tax-exempt interest that is original issue discount (OID). Report interest that is taxable OID on Form 1099-OID not on Form 1099-INT.

Where do I file Form 1099-INT?

If you are filing 250 or more returns you are required to file electronically.  The IRS encourages you to file electronically even if you are filing less than 250 returns. ExpressTaxfilings.com is the easiest – we transmit it all to the IRS for you! Or, print paper copies and mail them to the IRS and recipient. To find the mailing address and other detailed Form 1099-INT information see www.irs.gov/uac/Form-1099-INT.

What is the deadline to file Form 1099-INT?

The E-File deadline is March 31.  If you choose to paper file, the deadline is February 28 and you are required to file Form 1096, Annual Summary and Transmittal of U.S. Information Returns.  The deadline to furnish Form 1099-INT to recipients was January 31.

ExpressTaxFilings offers affordable pricing options and top notch customer support for E-Filing Form 1099-INT. For questions, contact the Express Tax Support Center in Rock Hill, SC at 803-514-5155 between the hours of 8am – 6pm EST, Monday through Friday or email us at support@ExpressTaxFilings.com.