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 http://www.irs.gov/pub/irs-pdf/i1099int.pdf
Form 1099 INT Due Dates
Form 1099 is due to the IRS by March 31, 2014 when E-Filed. (If you choose to file on paper, the deadline is February
28, 2014). Recipients’ copy must be supplied by January 31, 2014.
You can get more information from IRS directly and from our blog which are updated continually.