How Do I Get Form 1099-INT?

The Internal Revenue Service requires banks, credit unions and other interest-paying companies to send an IRS Form 1099-INT to taxpayers if they earned more than $10 in interest payments during the tax year. Taxpayers who own U.S. Savings Bonds and Treasury bills will also receive the form from the federal government if they earned more than $10 of interest during the year. If you misplace your 1099-INT form or did not receive a copy, you can contact your bank or the IRS to obtain a replacement copy, or to report non-receipt

Contact your bank or payer if you never received a form or misplaced your 1099-INT. Payers must mail you their forms by January 31. The IRS also requires payers to file their forms with the IRS by the end of February, if they file paper copies. Otherwise, they have until the end of March to file their forms with the IRS.

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Ask your bank to mail you a replacement copy or original copy of the form.

Review your bank statements to obtain your interest earnings. Your bank may provide you with an annual summary of interest payments at the end of the year. Since the IRS does not require you to attach your 1099-INT forms to your tax returns, the form only serves an informational purpose. As such, you may be able to get your interest information from your bank statements.

Contact the IRS if you do not receive your form by February 15. You can call the agency's toll-free hotline at 800-829-1040 and report your missing form. The IRS will attempt to collect it on your behalf by contacting the payer directly.

Download IRS Form 4506-T, Request for Transcript of Tax Return.

Complete IRS Form 4506-T by providing your name, Social Security number, address and joint return information, if you filed a joint return with your spouse.

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Enter "Form 1040" on line 6. Since the IRS does not keep copies of 1099-INT forms, the only way you can receive a replacement copy is if you filed it with your tax returns as an attachment. Otherwise, you must contact the payer directly.

Sign your form.

Send you form to the nearest IRS service center listed on Page 2 of the instructions

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How to Complete Form 1099 for Alimony

If a divorce court ordered you to pay alimony to your ex-spouse, the Internal Revenue Service allows you to claim the alimony as a tax deduction. However, your former spouse may not realize that she must claim the alimony as income when she files her taxes. To ensure that your ex claims your alimony payments, you can request a Form 1099 from the IRS, complete the form and send it to your her. Form 1099 notifies her that you have claimed your alimony payments as a deduction and that she must report the income to the IRS.

Calculate the amount you can deduct and that your former spouse must claim as income by adding up all of the alimony payments you made throughout the year. Subtract any child support payments you may have included along with your alimony. Child support is not tax-deductible.

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Visit the IRS website to download and print a Form 1099 (see References).

Enter your name, street address, city, state, ZIP code and telephone number under the “Payer” section.

Enter your Social Security number in the box labeled “Payer’s Federal Identification Number” and your ex-spouse’s Social Security number in the box labeled “Recipient’s Federal Identification Number.”

Enter your ex-spouse's name under “Recipient’s Name.“ The boxes below request basic information about the recipient, such as his street address, city, state and ZIP code. Fill these boxes in with the corresponding information.

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Enter the full amount of alimony you paid for the year in box 3, “Other income.” Leave the remainder of the boxes empty, as these apply to business, rather than personal, transactions.

Send a copy of the Form 1099 to the IRS and a copy to your former spouse.

How to Prepare IRS Form 8396

If you were issued a qualified Mortgage Credit Certificate (MCC) by a state or local government under a qualified mortgage credit certificate program, you may be entitled to take a credit for qualified mortgage interest paid. Certificates issued by the FHA and other federal agencies do not qualify for the credit. The certificate must be issued for your main home, and it must be located in the area of the governmental unit that issued the certificate.

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Download Form 8396 Mortgage Interest Credit from the Internal Revenue Service (IRS) website.

Complete the information on the form as it is shown on your income tax return. Put the name of the issuer of the MCC, certificate number and the issue date in the applicable sections.

Enter the interest on the certified mortgage amount in Line 1 and the certified credit rate on Line 2. The credit rate cannot be less than 10 percent or more than 50 percent and it will not be the same as the interest rate on your home mortgage.

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Refer to the Form 8396 instructions for the amount to enter on Line 3 if Line 2 rate is more than 20 percent or you refinanced your mortgage. Otherwise, multiply Line 1 by Line 2 and enter the amount on Line 3.

Reduce your home mortgage interest deduction on Schedule A or F of tax return Form 1040 by the amount on Line 3.

Add any credit carry-forwards from prior years and compute the current year mortgage interest credit which will be entered on Line 54 of your Form 1040 tax return. If part of the credit is not currently usable, show those amounts of excess mortgage interest credit as carry-forwards to the subsequent year.

Do I Have to Deduct Federal Withholding Tax for a 1099?

Clients and workplaces that utilize the services of others often provide them with an IRS Form 1099 for income earned during the tax year. Since the payor is not an employer, withholding federal income taxes seems unreasonable. However, before you pay a supplier of services, make certain that you do not have to withhold taxes for the IRS. There are situations when withholding is required.

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Significance

    An IRS Form 1099-MISC identifies those who receive rents, royalties and non-employee compensation of more than $600 for services during a tax year. Many kinds of 1099 forms are issued. For example, Form 1099-B is for securities transactions; 1099-DIV covers dividends and 1099-INT is for interest paid.

    Prior to utilizing services or making payments, the payor should ask for completion of a W-9 form. The W-9 provides the TIN or Tax Identification Number for those who file information returns with the IRS. The Form 1099 is an information return.

Identification

    When the payee completes the W-9 form, he provides a Tax Identification Number or Social Security number, along with a statement regarding backup withholding. The payee states under penalties of perjury that the TIN number is correct, that he is a U.S. citizen and that he is or is not subject to backup withholding.

Effects

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    If the payee is subject to backup withholding, you must deduct federal taxes from sums paid to the payee. If the payee TIN does not match the records of the IRS or if the IRS notifies you to deduct backup withholding, you will have to withhold taxes from the amounts paid. There are exceptions to these general rules. Few instances exist when you must deduct taxes for a payee with a 1099 information return. See the General Instructions for Certain Information Returns from the IRS for more information. Intricacies in the details require a review for your specific situation.

Amount

    If you must deduct withholding from a payee under a Form 1099 or similar form, the flat amount of 28 percent is the correct backup for withholding in 2010. Information returns have transmittal Form 1096 attached. If you find you must file a corrected Form 1099, complete the form with an X in the "Corrected" box and send with a new transmittal Form 1096 to the IRS at the Austin, TX or Kansas City, MO address, depending upon which office services your area.

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Notification

    Provide the payee with a statement of the information you provide to the IRS. For some 1099 forms (1099-A, 1099-B, 1099-C, etc.), you must include a telephone number for a person who can answer questions about the statement in keeping with the IRS requirements. For the 1099, "you are encouraged to furnish telephone numbers," says the Section M instructions from the IRS.

    The payee must report 1099 income to the IRS and pay taxes on the income as required.

IRS 1099 Contractor Requirements

The Internal Revenue Service (IRS) separates all workers into two categories: employees and self-employed individuals, including independent contractors. Independent contractors are people who are in business for themselves, rather than employees who the IRS views as working for the company. At the end of the year, instead of receiving a W-2 form to document taxable earnings from an employer, an independent contractor receives a Form 1099-MISC and has to calculate taxes differently.

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    Tax Withholding

        When you are paid as an independent contractor, you do not have any money withheld from your taxes for income taxes or payroll taxes. However, the IRS does not give you a free pass to not pay anything until income tax time. During the year, you must make at least quarterly tax withholding payments to pay for your taxes. You can determine how much you need to pay based on either your projected earnings and projected tax bill or based on the previous year's tax bill. Many prefer using the previous year's tax bill, because it gives a specific amount that must be paid to avoid IRS penalties. This calculation is different from calculating your total tax bill at the end of the year.

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    Payroll Taxes

        As an independent contractor, you do not have an employer to split the Social Security and Medicare taxes with. Instead, you must pay the entire amount yourself, under the self-employment tax. As of 2013, the Social Security tax rate equals 12.4 percent for the first $113,700 you earn, and the Medicare tax equals 2.9 percent of your entire income. The IRS requires you to fill out Schedule SE to calculate how much self-employment tax you owe if you make more than a certain amount. For 2013, you are required to pay self-employment taxes if your income exceeds $400 in self-employment income or more than $108.28 in church income.

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    Taxable Income

        If you are paid as an independent contractor and receive a Form 1099-MISC, you are eligible to deduct business expenses directly from your earnings on Schedule C, which is the form used to document your independent contractor income. For example, you can deduct car expenses and other costs to buy products involved in your business on Schedule C, rather than having to claim the expenses as itemized, miscellaneous deductions.

How to Generate a 1099-MISC LLC

An LLC must submit a 1099-MISC form for each person to whom it paid at least $600 in a given year in non employee compensation. Most typically, this requirement applies to services rendered by an independent contractor over the course of a tax year.

Keep accurate payment records throughout the year to make end-of-year calculations simple.

Collect Form W-9 from each person who meets the $600 requirement. This form requests the identification number (frequently a Social-Security number) from the independent contractor. You will need this information to fill out the 1099-MISC.

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Request a blank 1099-MISC from the Internal Revenue Service (IRS)

Fill in your contact information under "Payer," including your LLC's employer identification number (if a multimember LLC) or your Social Security number (if a single-member LLC).

Fill in the contact information of the independent contractor under "Recipient," including the identification number she reported to you on the W-9.

Fill in the total amount paid to the independent contractor over the entire year under Box 7, "Non employee Compensation."

Fill in the total amount of income tax that you withheld from these payments in Box 4. For most LLCs, this number will be $0.

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Request a blank Form 1096 from the IRS or download a copy with instructions from IRS.gov. This form is your cover sheet for all 1099-MISC forms.

Separate copies of 1099-MISC forms according to their destination.

Submit one copy of all 1099-MISC forms with the 1096 cover sheet to the IRS according to your assigned address in the instructions.

Mail a copy of 1099-MISC form to each independent contractor for his own tax records.

Submit a copy of MISC-1099 to the state department of revenue for the state where your independent contractor resides.

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How to Report Form 1099 Q

Internal Revenue Service Form 1099-Q should be delivered to you if you received education benefits during a tax year--either from a Coverdell education savings account or another qualified tuition program. (You may also receive a 1099-Q if you are the beneficiary of an estate.) The form will record exactly how much you received in benefits. Have a question? Get an answer from tax advisor now!

Instructions

IRS Form 2290

1 - Calculate how much money you spent on education in the year under review. This includes tuition, textbooks, room and board and related fees.

2 - Compare the amount from Step 1 to the distribution you received, which will be recorded in Box 1 of your 1099-Q. A portion of that amount is recorded in Box 2 as "earnings" from your distribution. Depending on how much you spent on education, some or all of those earnings may be taxable.

IRS Form 1099

3 - Record a portion of your Box 2 earnings as "Other Income" on line 21 of your tax return. The percentage of these earnings that must be reported and taxed is equal to the percentage of your Box 1 distribution that you DIDN'T use for education expenses. For example: if Box 1 shows a distribution of $10,000, Box 2 earnings of $2,000, and your education expenses were $5,000, then 50 percent of your distribution went unused. You must therefore report 50 percent of your Box 2 earnings--$1,000--on line 21. If, however, your expenses were $8,000, then only 20 percent of your distribution went unused, and you should report $400. Finally, if your education expenses were zero, you must report the full amount in Box 2.
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4 - Keep the 1099-Q for your records.

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