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
