1099 Forms What is Form 1099-INT and Its Role to a Employer?

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Understanding 1099-INT Form: Interest Income

Form 1099-INT is a part of the 1099 series of IRS tax forms that report various non-payroll payments. This form deals explicitly with interest income reporting. There are specific filing requirements for e-filing Form 1099-INT, which will be covered in this overview.

What is Form 1099-INT used for?

Form 1099-INT reports interest income to the IRS. Along with filing the form on time with the IRS, a copy must be distributed to recipients. As this form is filed annually, it is essential to stay updated on its requirements.

Who is required to file Form 1099-INT?

Payers who made payments for interest income, including:

  • U.S. savings bonds
  • Treasury obligations
  • Interest expenses to individuals

Must file Form 1099-INT. Form 1099-INT must also be utilized for reporting any foreign taxes withheld and paid on interest, in addition to any federal income tax under the backup withholding rules, irrespective of the payment amount.

What are the 1099 Deadlines for 2024?

  • January 31st, 2024
    Recipient Copies

    Form 1099s must be distributed to the recipient on or before January 31st

  • February 28th, 2024
    Paper Filing

    Paper filing must be filed with the IRS on or before February 28th

  • April 1st, 2024

    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.

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.

E-filing vs. Paper Filing

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  • Immediate real-time IRS updates
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  • Validates 1000s of IRS rules
  • Can help with questions in real-time in chat

Paper Filing

  • It can take weeks to hear a status update
  • Requires unique red ink form
  • Prone to human error
  • No expert to help with questions

Note: IRS recommends that payers utilize the e-file option over paper filing for faster processing.

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Using BoomTax ensures you stay compliant with the IRS. BoomTax also offers solutions for distributing recipient copies, including postal mail and online access options.

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