Form 1099-INT is an IRS tax form commonly issued to taxpayers who receive interest income over $10. It reports important information such as Federal Income Tax Withheld and Tax-Exempt Interest. All interest income must be reported on a taxpayer’s annual tax return.
What is Form 1099-INT?
Form 1099-INT is an Internal Revenue Service (IRS) tax form used by taxpayers to report interest income. It is issued by all entities such as banks, brokerages, investment firms, and other financial institutions who pay out interest income to investors at the end of the year. The form includes a breakdown of all types of interest income and expenses, and must be issued to any entity receiving at least $10 of interest. It must be sent to the IRS and the taxpayer by January 31 of each year. All interest income must be reported on a tax return, even if the taxpayer does not receive Form 1099-INT.
IRS Form 1099-INT – Who Needs to Fill It Out?
IRS Form 1099-INT is an income tax form used to report interest income from sources inside the United States, such as banks, investment firms, mutual funds, and other financial institutions. Payers must issue a 1099-INT to any party to whom they have paid $10 or more in interest income by the end of the year, and submit one copy to the IRS while sending another to the taxpayer. Taxpayers who receive Form 1099-INT must report it as part of their annual tax return. Even if Form 1099-INT is not received, taxpayers should still report all earned interest.
Step-by-Step: Form 1099-INT Instructions For Filling Out the Document
Form 1099-INT is an Internal Revenue Service income tax form used by taxpayers to report interest income received. Banks, investment firms, mutual funds, and other financial institutions must file Form 1099-INT for any account holders who received at least $10 of interest payments for the year. The form must include the payer’s and recipient’s information, a breakdown of all types of interest income and related expenses (in Boxes 1-8), and federal income tax withheld (in Box 4). Additionally, specific amounts from which foreign tax was withheld, early withdrawal penalties, and tax-exempt interest income must be reported. Taxpayers who don’t receive their 1099-INT by January 31 should contact the issuer to get a new one issued. All interest payments must be reported on Form 1040 for those who receive more than $1,500 of taxable interest for the year.
Below, we present a table that will help you understand how to fill out Form 1099-INT.
| Information Required for Form 1099-INT | Details |
|---|---|
| Form Name | Form 1099-INT |
| Purpose | Report interest income received |
| Filers | Banks, investment firms, mutual funds, financial institutions |
| Minimum Interest for Reporting | $10 per year |
| Information Included | Payer’s and recipient’s information, types of interest income, expenses, federal income tax withheld, foreign tax withheld, early withdrawal penalties, tax-exempt interest income |
| Deadline for Issuing | By January 31 |
| Form to Report on | Form 1040 for those with more than $1,500 of taxable interest |
Do You Need to File Form 1099-INT Each Year?
Yes, any entity that pays interest, such as banks, brokerages, mutual funds, and other financial institutions, must file Form 1099-INT if they paid interest of at least $10 or withheld and paid federal income tax or foreign tax on interest. The form must be sent to the IRS and each interest recipient by January 31 of each year. Taxpayers are required to report the contents of Form 1099-INT on their tax returns, excluding any tax-exempt interest income. Not receiving a form does not absolve taxpayers from needing to report interest income each year. Taxpayers need to contact the issuer to get another copy if they don’t receive a 1099-INT.
Download the official IRS Form 1099-INT PDF
On the official IRS website, you will find a link to download Form 1099-INT. However, to make it easier for you, we are providing the link in our article, which comes directly from the official irs.gov website! Click to download: Form 1099-INT
Sources:
https://www.irs.gov/forms-pubs/about-form-1099-int
https://www.irs.gov/instructions/i1099int
