1099 Forms E-File Form 1099 INT Online Effortlessly in 2024

Image of Form 1099-INT 2023

What Data is Necessary to e-file Form 1099-INT?

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

Commonly Asked Questions

What Is IRS Form 1099-INT?

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.

Who must file Form 1099-INT?

A Form 1099-INT must be filed for each person:

  • To whom the payer paid amounts reportable in Boxes 1, 3, or 8 of at least $10 (or at least $600 of interest paid in the course of your trade or business during the tax year);
  • For whom the payer withheld and paid any foreign tax on interest; or
  • From whom the payer withheld (and did not refund) any federal income tax under the backup withholding rules -- regardless of the amount of the payment.

What are the different Form 1099 Copies?

Each Form 1099 has five different copies with their specific purpose:

Copy A

IRS copy for paper filing.

Copy 1

Filed with the State Tax Department.

Copy B

Recipient copy.

Copy 2

Recipient state copy used for state income tax reporting.

Copy C

Payer's copy for their records.

Get started with , 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 Now!

Who must file Form 1096?

Payers use Form 1096 to summarize 1099-INT Forms being submitted to the IRS. However, it is only required when submitting a paper filing for Form 1099.

Is it mandatory to file Form 1099-INT with the state?

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.

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.

How do you complete Form 1099-INT?

IRS Form 1099 INT has 17 sections. The form also has sections for entering personal information about the Payers and recipients.

Sections For Entering Payer Information

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Complete the Payer Details section. This includes:

  • Name
  • Address
  • Contact phone number
  • Tax Identification Number (TIN)

Sections For Entering Recipient Information

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Complete the Recipient Details section. This includes:

  • TIN
  • Name
  • Street Address
  • City, State, Zip

Check Box for FATCA filing requirement

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Select this box if the following conditions apply to you:

  • If you are a payer based in the United States and have to comply with Chapter 4 account reporting as per section 1.1471-4(d)(2)(iii)(A).
  • If you are an FFI (Foreign Financial Institution) reporting payments to a U.S. account following an election outlined in Regulations section 1.1471-4(d)(5)(i)(A).

Second TIN Notification Checkbox

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.

Interest Information Boxes

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Box 1: Interest Income

Enter taxable interest not included in box 3. Include:

  • Amounts of $10 or more that are paid or credited to the person's account
  • Interest of $600 or more paid in the course of business or trade under certain conditions
  • Include any accrued qualified stated interest on bonds sold.

Do not include:

  • Interest on tax-free covenant bonds or dividends from money market funds
  • Any descriptions for interest amounts

Box 2: Early Withdrawal Penalty

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.

Box 3: Interest on U.S. Savings Bonds and Treasury Obligations

Enter interest on U.S. Savings Bonds, Treasury bills, Treasury notes, and Treasury bonds.

Do not include this amount in Box 1.

Box 4: Federal Income Tax Withheld

Enter backup withholding. For more information on backup withholding, see General Instructions.

Box 5: Investment Expenses

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.

Box 6: Foreign Tax Paid

Enter any foreign tax paid on interest (in US dollars).

Box 7: Foreign Country or U.S. Possession

If applicable, enter the name of the foreign country or US possession for which foreign tax was paid and reported in box 6.

Box 8: Tax-Exempt Interest

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.

Box 9: Specified Private Activity Bond Interest

Enter interest of $10 or more from specified private activity bonds.

Box 10: Market Discount

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.

Box 11: Bond Premium

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.

Box 12: Bond Premium on U.S. Treasury Obligations

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.

Box 13: Bond Premium on Tax-Exempt Bond

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.

Box 14: Tax-Exempt and Tax Credit Bond CUSIP No.

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.

Boxes 15–17: State Information

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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.

  • Box 15 - State
  • Box 16 - State identification number
  • Box 17 - State tax withheld

Need help with completing Form 1099-INT? Find the detailed instructions for Form 1099-INT here.

What are the Common Mistakes made on Form 1099-INT?

When filing Form 1099-INT, the most common issues typically involve the following:

  • Erroneous amounts, codes, or checkboxes
  • Missing or incorrect payee Taxpayer Identification Number (TIN), such as SSN, EIN, etc.
  • Incorrect payee name

How to correct Form 1099-INT?

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.

Import Your Form 1099 Data

You can import your data as Excel, XML, or use files from popular payroll providers like QuickBooks, UKG, ADP, and many more.

Step-By-Step Wizard

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.

E-File & Mail Employee Copies

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.

Are there extensions for IRS Form 1099 INT?

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.

What is the Penalty for Missing Form 1099 Deadline?

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.

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 penalties may be subject to the following:

  • Furnishing incorrect information on a return
  • Failure to provide the required information
  • Late filing of returns
  • Paper filing when required to file electronically (E-file 1099 if you have 10 or more information returns)

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.

E-filing vs. Paper Filing

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  • Immediate real-time IRS updates
  • File 1000s of forms easily at once
  • 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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