After the deadline, but within 30 days
$60 per form
After 31 days - August 1st
$120 per form
After August 1st, or not at all
$310 per form
Intentionally not filing
$630 per form
1099 Forms › E-File Form 1099 INT Online Effortlessly in 2024
1. Details of Payer: Name, TIN, and Address
2. Information of Recipient: Name, TIN/Social Security, and Address
3. Federal Information: Federal Interest Income and Federal Tax Withheld
4. State Filing Information: State Income, Payer State Number, and State Tax Withheld
Form 1099-INT is a tax form provided by the IRS which is utilized by payers such as banks, mutual funds, savings institutions, government bodies, and other financial institutions to disclose to the IRS the interest paid to recipients, investment expenses, bond premiums, taxes withheld, and more.
A copy of Form 1099-INT must also be furnished to the recipient.
A Form 1099-INT must be filed for each person:
Each Form 1099 has five different copies with their specific purpose:
IRS copy for paper filing.
Filed with the State Tax Department.
Recipient state copy used for state income tax reporting.
Payer's copy for their records.
Get started with BoomTax, and file your 1099 tax forms with federal/state and mail recipient copies from one place. BoomTax will never remove past years' filings, and you can continue to make corrections at any time, no matter the year. File my 1099 directly to the IRS Now!
Some states require Form 1099-INT filing to report any state tax withheld. Verify state filing requirements.
For the 2023 tax season two states have joined the CFSF program, Pennsylvania & District of Columbia.
Form 1099s must be distributed to the recipient on or before January 31st
Paper filing must be filed with the IRS on or before February 28th
Form 1099s must be e-filed directly to the IRS on or before April 1st
Visit our deadlines article to learn more about Form 1099 due dates.
Note: If the filing deadline lands on a Saturday, Sunday, or legal holiday, the due date will automatically be extended to the following business day.
The exception to these deadlines above is for filing Form 1099-NEC. Depending on the filing method, there is a month's advancement on the recipient and IRS copies being January 31st. Get started with BoomTax and file your 1099 with the IRS, state, and mail recipient copies on time. Get Started Now
If you find errors after filing your 1099 return with the IRS, promptly correct the information and submit the corrected Form 1099 and Form 1096 to the IRS. Also, provide your recipient with an updated 1099 showing the updated details. If you need to correct any state or local tax department information, file the form with the appropriate agencies, not the IRS.
IRS Form 1099 INT has 17 sections. The form also has sections for entering personal information about the Payers and recipients.
Complete the Payer Details section. This includes:
Complete the Recipient Details section. This includes:
Select this box if the following conditions apply to you:
If you have been notified twice within three tax years that the recipient provided an incorrect TIN for filing Form 1099-INT, an “X” can be marked in this box. By checking this box, the IRS will cease sending you notifications for this account. Continue recording the interest payments made to the recipient and state if you withheld any taxes from the recipient.
Enter taxable interest not included in box 3. Include:
Do not include:
Enter any interest or principal forfeited due to early withdrawal of time deposits deductible from the recipient's gross income.
Do not reduce the amount reported in box 1 by the amount of the forfeiture.
Refer to the requirements of Form 1099-INT for more details.
Enter interest on U.S. Savings Bonds, Treasury bills, Treasury notes, and Treasury bonds.
Do not include this amount in Box 1.
Enter backup withholding. For more information on backup withholding, see General Instructions.
This is only used for single-class REMICs. If applicable, enter the regular interest holder's pro rata share of investment expenses.
Note: This amount is not deductible.
Enter any foreign tax paid on interest (in US dollars).
If applicable, enter the name of the foreign country or US possession for which foreign tax was paid and reported in box 6.
Enter tax-exempt interest that is not OID of $10 or more.
Include specified private activity bond interest in Box 9 and the total for Box 8.
Enter interest of $10 or more from specified private activity bonds.
For a covered security acquired with market discount. Enter the market discount accrued on the debt instrument for $10 or more during the tax year.
Note: Accruals of market discount should be reported on Form 1099-OID instead of Form 1099-INT.
For taxable covered security acquired at a premium. Enter the amount of bond premium amortization allocable to the interest paid during the tax year. Do not include if you were notified in writing that the holder did not want to amortize the bond premium under section 171.
Note: If required to report bond premium amortization and a net amount of interest was reported in Box 1, then this box should be left blank.
Any U.S. Treasury obligation is a covered security acquired at a premium. Enter the amount paid during the fiscal year unless a written notification was received that the holder chose not to amortize the bond premium under section 171.
Note: If required to report bond premium amortization and a net amount of interest was reported in Box 3, then this box should be left blank.
For tax-exempt covered security acquired at a premium. Enter the amount of bond premium amortization allocable to the interest paid during the tax year.
Note: If a net amount of interest was reported in box 8 or 9, then this box should be left blank.
For single bonds or accounts containing a single bond. Enter the CUSIP number of the tax-exempt bond for which tax-exempt interest is reported in Box 8 or the tax credit bond for which a tax credit or taxable interest, as applicable, is reported in Box 1.
These boxes can be used for payers that participate in the Combined Federal/State Filing Program (CF/SF) or by those required to submit paper copies to a state agency.
Need help with completing Form 1099-INT? Find the detailed instructions for Form 1099-INT here.
When filing Form 1099-INT, the most common issues typically involve the following:
If you need to adjust a previously submitted IRS 1099-INT, it's crucial that you also provide the amended copies of Form 1099-INT to the recipients.
For correcting a Form 1099-INT previously filed with the IRS, use a separate Form 1099-INT and mark an “X” in the “CORRECTED” box. After making the necessary adjustments to your 1099-INT Forms, submit them to the IRS. If the mistake involves an incorrect TIN/ID, a written statement must be provided to the IRS for correction.
You can import your data as Excel, XML, or use files from popular payroll providers like QuickBooks, UKG, ADP, and many more.
We walk you through the process with no complicated jargon. You can also live chat with a real person as you work on your filing for hands-on help.
Once your data is loaded, you can e-file and distribute employee copies in minutes.
There is no additional fee for filing prior-year 1099 tax forms with BoomTax; you can e-file at the same affordable rate as current-year forms.
If you require additional time to submit Form 1099-INT, an automatic 30-day extension can be requested by filling out Form 8809. Extension requests can be submitted either electronically or via paper.
Failing to file Form 1099 by the deadline or meeting the deadline but providing incorrect recipient information can result in IRS penalties ranging from $60 to $630, depending on how late the form is submitted. The IRS has increased the penalty amounts for the 2024 filing year.
1099 penalties may be subject to the following:
The IRS is accustomed to changing rules year-to-year, sometimes even in the middle of the current tax season! This is why having the most accurate information about the IRS requirements and deadlines for filing any Form 1099 is essential. Use reliable tax software to e-file your forms and stay updated on any changes in regulations or deadlines.
Note: IRS recommends that payers utilize the e-file option over paper filing for faster processing.
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BoomTax and its affiliates do not provide tax, legal, or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal, or accounting advice. You should consult your own tax, legal, and accounting advisors prior to engaging in any transaction.