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What is IRS Form 1099-INT?

Interest Income IRS Form Overview

Form 1099-INT is an annual tax statement filed by payers of interest income, such as banks, financial institutions, mutual fund institutions, saving institutions, and government institutions. These institutions are required to file Form 1099-INT to report interest income for amounts $10 or more to the recipient and the IRS. Interest income includes interest on U.S. Savings Bonds, paid foreign taxes, Bond premiums, and interest-bearing checking accounts. This form is also used to report other tax items related to your interest income, such as early withdrawal penalties, tax-exempt interest, market discount and federal tax withheld. This report is provided to both the payee and the IRS.

Form 1099-INT 2016 Tax Year Deadlines

There are three important deadlines to remember when filing Form 1099-INT:
1099-INT Due to Recipient

Due to Recipient by

January 31st

1099-INT Paper File

Paper File 1099-INT to IRS by

February 28th

1099-INT E-File

E-File 1099-INT to IRS by

March 31st

Required Information for E-Filing 1099-INT

Interest Income Reporting Requirements
  • Payer Details:Name, EIN, and Address
  • Recipient Details: Name, EIN/Social Security, and Address
  • Federal Details: Federal Interest Income and Federal Tax Withheld
  • State Filing Details: State Income, Payer State Number, and State Tax Withheld
IRS Form 1099-INT 2017

Steps to E-File 1099-INT Return Online

Efficiently Transmit Your 1099-INT Form Online
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  • Create Account
  • Select New 1099-INT Form
  • Enter Payer Details
  • Enter Recipient Details
  • Enter Amounts
  • Review, Pay and, Transmit Return Directly to IRS

1099-INT Extension Form 8809

Need More Time to Report your 1099-INT Interest Income?

If you’re unable to file Form 1099-INT on time, you can apply for an automatic 30-day extension of time to file by completing Form 8809 by your original due date. E-file and receive approval within an hour.

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IRS Penalties for Tax Form 1099-INT

Failure to File and Pay Required Taxes for Form 1099-INT

A penalty will be enforced if the filer fails to file Form 1099-INT by the deadline, include all required information, or if the filer files a return containing incorrect information or paper files when required to e-file. Penalty amounts are based on the size of the organization and the date Form 1099-INT is actually filed. Penalty amounts range from $30 to $1,500,000.

Correct Your Form 1099-INT

File Corrections to Amend Originally Filed Form 1099-INT

If your Form 1099-DIV is rejected by the IRS, file a new form correcting errors with ExpressTaxFilings as soon as possible. In order to correct incorrect recipient details and federal amounts previously filed on Form 1099-MISC simply refile the form and use necessary indicators to mark form as a correction.

Correct Previously Filed 1099-INT!

Form 1099-INT State Filings

E-File Form 1099-INT with IRS and State Departments

Depending on your state requirements you may need to file Form 1099-INT to the applicable state department, along with any additional information. Each state has individual requirements and deadlines for filing. For example: In North Carolina, you must file Form 1099-INT directly to the state whether you have any state withholdings or not. If your state is a part of the Combined Federal/State Filing the Internal Revenue Service: Information Returns Branch (IRS/IRB) will forward the original and corrected forms to the respective state automatically with no additional charge. However, select states within the program still require individuals to file with the state department. If you are unsure of your state filing requirements, it is imperative you check with your state department of Revenue for clarification.

Download the 1099 Mobile App

E-File Form 1099s from Your Mobile Device

This application is free to download on any iOS or Android device. Download our app today to efficiently file Form 1099 from your phone.

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Form 1099-INT Resources

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