How to Fill Out IRS Form 1099-INT

IRS Form 1099-INT is sent to those taxpayers who received interest income during the current tax year, such as that from a savings account. This article is written from the point of view of the entity filling out the 1099-INT, not the person receiving it. Have a question? Get an answer from tax advisor now!

Instructions

1 - Call (800) TAX-FORM or visit the IRS online form ordering website (see resources below) to obtain acceptable copies of Form 1099-INT to send to recipients. Although Form 1099-INT is available for viewing online, the e-version of the form is unacceptable to send to the Internal Revenue Service or tax recipients.

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2 - Check the "Void" or "Corrected" box at the top of the 1099 form if applicable. Enter the Payer's name, street address, city, state, ZIP code and telephone number in the first box. The Payer is the organization or entity that paid out the interest income.

3 - Enter the Payer's Federal Tax ID number and the recipient's ID number (usually a Social Security number or an EIN) in the two boxes beneath the first box. Below this, list the recipient's name, street address (including apartment number), city, state and ZIP code. If applicable, enter the account number that is associated with this interest payment. Check the box if the payee has a second tax identification number. Note the payer's RTN (routing transit number) if applicable.
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4 - List any taxable interest paid to the recipient during the year including any credits from Gulf tax bonds or clean renewable energy bonds in Box 1. In Box 2, indicate any penalty or lost interest because of early withdrawal of funds. In Box 3 show any taxable interest received for United States Savings Bonds, Treasury bonds, Treasury bills or Treasury notes.

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5 - Note any income tax that was withheld as a backup by you, the payer, in Box 4. If the recipient did not provide you with a Tax ID number, you are required to list a 28% withholding of the interest paid to the recipient. In Box 5, enter the taxpayer's share of investment expenses from a single-class REMIC (real estate mortgage investment conduit).

6 - Report any foreign tax paid by the payee in Box 6; list the applicable foreign entity in Box 7. In Box 8, show any tax-exempt interest, including exempt-interest dividends from a regulated investment company, paid to the payee. Indicate the applicable interest that is subject to the alternative minimum tax (AMT) in Box 9.

7 - File Form 1099-INT with the IRS; also send a copy to the recipient. Check the IRS official website (see Resources below) for specific instructions as to the filing deadline for Form 1099-INT; it changes annually.

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