The 1099-INT Form At a Glance

What is the 1099-INT form?

1099-INT forms are used to report interest income amounting to $10 or more from various types of accounts.

Who should file a 1099-INT form?

Financial institutions, including but not limited to savings and loan associations are required to file a 1099-INT form.

When should a 1099-INT form be filed?

1099-INT forms must be sent to recipients via mail, on or before the month of January ends, and e-filed with the IRS by March 31, annually.

Where Should 1099-INT forms be Filed?

1099-INT forms must be filed to the IRS.

Why is it Important to File 1099-INT Forms?

1099-INT forms are required to report interest income over $10 for certain kinds of accounts.

Types of Accounts Covered by 1099-INT Forms, include:

Interest Paid on Savings Accounts

Checking Accounts Classified as Interest-Bearing

U.S. Savings Bonds

Interests Acquired from Treasury Bills

Other tax items associated with interest income are captured by the 1099-INT. These includes penalties from early withdrawal, federal income tax withheld and foreign tax paid.

1099-INT Forms are Applicable for the Following Businesses:

  • Savings and loan associations
  • Mutual savings banks (banks without capital stock represented by shares)
  • Building and loan organizations
  • Cooperative banks
  • Homestead organizations
  • Credit unions
  • Other financial institutions.
 

1099-INT EXCEPTIONS

There are exceptions that apply to certain organizations. The following are not required to file a 1099-INT form, under certain circumstances:

Payments Done for the Exemption of Recipients. These include:

  • Organizations exempted from tax
  • Brokers
  • Corporations
  • IRAs
  • Archer MSAs
  • Medicare Advantage MSAs
  • HSAs / Health Savings Accounts and middlemen/nominees
  • The District of Columbia
  • U.S. possessions
  • Registered securities or dealers of commodities
  • Nominees or custodians
  • Notional principal contract (NPC) dealers
  • United States Agencies

Excludable interest income, which covers the following:

  • Interest on a liability issued by an individual
  • Interest on amounts sourced from outside the U.S. and paid outside the U.S. by a non-U.S. payor or non-U.S. middleman
  • Certain portfolio interest
  • Interest on an obligation issued and paid by a certain international group, with payments made to a foreign beneficial owner or foreign payee

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