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Official form guide
Form 1099-INT: Interest Income
IRS Form 1099-INT is used to report Interest Income and Original Issue Discount for recipients, filed by payers. If reporting OID, the form is required when $10 or more accrues.
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IRS Form 1099-INT - Interest Income
IRS Form 1099-INT is used to report Interest Income and Original Issue Discount for recipients, filed by payers. If reporting OID, the form is required when $10 or more accrues.
Risk Radar
Scan points- 1Do not report tax-deferred interest, such as interest earned but not distributed from an IRA.
- 2Failing to file for an exempt recipient who receives credits from tax credit bonds.
- 3Reporting interest on amounts paid by a non-U.S. payer outside the United States if the payee is foreign.
- 4Not reporting OID when it accrues to a REMIC or FASIT regular interest holder for $10 or more.
- 5Failing to check the FATCA filing requirement box when mandated by IRS regulations.
Plain English
This form tells the IRS how much interest income a recipient earned during the year. It also reports any extra discount on bonds called Original Issue Discount (OID). Payers use Form 1099-INT to provide this official record of earnings to the recipient.
Submission Date
- Filing date: 2024-01-26 22:10:19
- Preparation window: collect IDs, supporting records, and signatures in advance.
- Final review: verify names, dates, and required fields before submission.
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What this form is for
- Use this form when reporting interest income and Original Issue Discount (OID) that accrues to a recipient in an amount of $10 or more.
- Do not use this form when the recipient is exempt, such as a corporation, financial institution, or tax-exempt organization.
- Check Form 1099-OID instead when reporting OID for a trust interest holder (TIH) exceeding $10 for the calendar year.
Form selector
Use this form or another form?
Holding bank CD as nominee
Must determine and report the amount of OID includible in the owner's income.
✓ Check Box 1/2 amounts on Form 1099-OID
Reporting interest for an instrument with OID but no OID is includible in income
You may use this form instead of Form 1099-OID if the other boxes are zero.
✓ Check Box 2 on Form 1099-INT
Reporting interest for a WHFIT attributable to a TIH (if OID > $10)
Trustees/middlemen must report both gross OID and interest amounts under specific regulations.
✓ Check Box 1 & 2 on Form 1099-OID
Deadline or filing window
The Form 1099-INT is used to report amounts received during the year. While a specific filing deadline date is not stated in this excerpt, the requirement to furnish a statement to recipients must be met for the reported income.
Checklist
What you need before filling it out
Interest Income Amount
The amount of interest paid/credited · Box 2 (on Form 1099-INT)
OID Amount
The Original Issue Discount amount · Box 1 (on Form 1099-OID, if applicable)
Nominee Status
If the form includes amounts belonging to others · N/A (Determined by filing context)
Exempt Recipient Check
Confirmation of recipient status · List provided on Instructions p.7
WHFIT Reporting Threshold
OID attributable to a trust interest holder (TIH) · $10 (Instructions p.7)
Before you submit
- 1Ensure you complete Form 1099-INT for each other owner when acting as a nominee recipient.
- 2Verify that the listed income amounts meet or exceed the $10 threshold for reporting OID.
- 3Confirm you have correctly identified yourself as the 'payer' and others as the 'recipient' if filing as a nominee.
- 4Check the box indicating whether interest was paid or credited (if applicable, though not explicitly detailed in source excerpt).
- 5If applicable, confirm that any reported OID is for an instrument where OID is includible in income.
- 6Double-check if you are required to use Form 1099-OID instead of Form 1099-INT (if no OID is includible).
- 7If filing with a group, confirm the tax year aligns with your records.
How to file this form
- 1Complete all required fields on IRS Form 1099-INT for each recipient.
- 2If acting as a nominee, list yourself as the 'payer' and other owners as the 'recipient' on each copy.
- 3File Copy A of the form with the Internal Revenue Service (IRS) Center for your area.
- 4Furnish Copy B to each individual owner listed on the form.
- 5If filing with Form 1096, list yourself as the 'filer' on that accompanying document.
- 6Confirm you have used the current edition of the instructions and form.
Known limitations
- 1Interest income of less than $10 paid to a nonresident alien individual by a U.S. bank deposit does not require reporting on Form 1099-INT (if reported on Form 1042-S, it is required if the interest is at least $10).
- 2If both IRS notices are received in the same year or related to returns for the same year but received in different years, the box indicating a notice should not be checked at that time.
- 3Interest on tax-free covenant bonds and dividends from money market funds do not include in Box 1 of Form 1099-INT (they are reportable elsewhere).
- 4If reporting Original Issue Discount (OID), the form is required if total daily portions of OID for a holder are at least $10.
- 5For interest to holders of tax credit bonds, reporting is only required in amounts of $10 or more allowed from specific types of bonds.
Field map
Compact field-by-field guide
Payer Info
1 items
Identifying information of the business or person making the payment.
Recipient Info
1 items
Identifying information of the person or entity receiving the payment.
Amounts
1 items
The payment amount subject to reporting for the applicable box category.
Withholding
1 items
Backup withholding amount if applicable.
Signatures
1 items
Name and phone number of the person to contact about this return.
Almost done reviewing the fields?
Fillable formOpen in Editor->The current edition is dated January 2024. For the latest information, filers should check IRS.gov/Form1099INT for developments related to Form 1099-INT.
What changed or needs a fresh check
- Edition date — confirm the revision date reads January 2024.
- Form number — confirm the form is IRS Form 1099-INT.
- Recipient/Payer roles — confirm you have correctly listed yourself as the 'payer' if acting as a nominee.
- OID threshold — confirm that OID reported is $10 or more for the recipient.
Quick Facts
Downloads
After you file
- 1Keep a copy of the filed Form 1099-INT.
- 2If furnishing copies to REMIC or FASIT regular interest holders/CDO holders, also provide a separate statement containing additional information.
- 3For an issuer with OID, filing Form 1099-OID is required if total daily portions of OID are at least $10.
- 4REMICs and issuers of CDOs must file Form 8811 within 30 days after the start-up date (REMIC) or issue date (CDO).
- 5The IRS uses information from Forms 8811 to update Pub. 938.
- 6If a payer is a financial institution participating in the direct deposit of refunds, the routing transit number (RTN) may be entered on Form 1099-INT.
Sources
- SRCInstructions p.1 — Interest income must be reported for each person who received amounts reportable in boxes 1, 3, or 8 of at least $10 (or $600 if paid in trade/business).
- SRCInstructions p.2 — If both IRS notices are received in the same year, or related to returns for the same year but received in different years, do not check the box at this time.
- SRCInstructions p.3 — Box 1 must include federal income tax refund, interest from certain notional principal contracts with nonperiodic payments, and accrued qualified stated interest on bonds (or OID/interest on bearer CDs).
- SRCInstructions p.5 — REMICs and issuers of CDOs must file Form 8811 within 30 days after the start-up date of the REMIC or issue date of a CDO.
- SRCInstructions p.5 — To meet statement requirements, furnish a copy of Form 1099-INT plus a separate statement to REMIC or FASIT regular interest/CDO holders.
- SRCForm p.2 — The form includes specific fields for reporting: Savings Bonds and Treasury obligations (Box 4), Federal income tax withheld (Box 5), Investment expenses (Box 6), Foreign tax paid (Box 7), Tax-exempt interest (Box 8), Specified private activity bond interest (Box 9), Market discount (Box 10), Bond premium (Box 11), etc.
Common confusion points
Who must file Form 1099-INT?
Payers must file it for each person to whom they paid amounts reportable in boxes 1, 3, or 8 of at least $10 (or $600 of interest in trade/business).
→ Check if the reported amount meets the minimum threshold.
When should I check the notice box on Form 1099-INT?
Do not check it if you received both IRS notices in the same year, or if they relate to returns for the same year but were received in different years.
→ Apply the 'two-notices-in-3-years rule'.
What goes into Box 1 of Form 1099-INT?
Include federal income tax refund, interest from notional principal contracts with nonperiodic payments, and accrued qualified stated interest on bonds (or OID on short-term obligations/interest on bearer CDs).
→ Ensure no description is entered in Box 1.
What about the $600 threshold for trade or business?
If you are reporting interest from your trade or business, the minimum reportable amount is $600, even if individual payments are less than $10.
→ Compare total paid amounts against this specific threshold.
When do I need to file Form 1099-OID alongside it?
File Form 1099-OID if the total daily portions of original issue discount (OID) for a holder is at least $10, and you are an issuer with OID.
→ Confirm your status as an issuer with outstanding OID.
What do I include in Box 8?
The source indicates that amounts reportable in boxes 1 or 3 must be reported in box 8; however, it does not specify what Box 8 represents on its own.
Workflow map
Related forms and next steps
Before
Current
After
Often used with
⚠ If something goes wrong
- General Instructions for Certain Information Returns (for general guidance on filing, penalties, etc.)
Questions about IRS Form 1099-INT
What is IRS Form 1099-INT used for?
This form tells the IRS how much interest income a recipient earned during the year. It also reports any extra discount on bonds called Original Issue Discount (OID). Payers use Form 1099-INT to provide this official record of earnings to the recipient.
Who must file IRS Form 1099-INT?
A payer must file Form 1099-INT for recipients who are generally required to receive a statement, with exceptions noted for certain entities like corporations or IRAs.
What information does IRS Form 1099-INT require?
The form collects details such as interest amounts (Box 1), OID amount (Box 2), and information about the recipient's Taxpayer Identification Number (TIN) in various boxes. The FATCA filing requirement checkbox addresses specific international reporting needs.
Where do I file IRS Form 1099-INT?
The instructions do not specify a single mailing address or service center; general information on where and when to file must be referenced from the current General Instructions for Certain Information Returns.
How do I complete IRS Form 1099-INT?
A filer must complete the relevant boxes detailing the interest and OID amounts. The filer should check the FATCA filing requirement box if applicable based on whether they are a U.S. payer or FFI. Finally, the form requires a signature (implied by furnishing the statement to recipients) before being sent.
What happens if IRS Form 1099-INT is filed incorrectly?
Failure to furnish an official statement, as required by Form 1099-INT, means the payer did not provide the necessary documentation to the recipient.
Who must file Form 1099-INT?
Payers must file it for each person to whom they paid amounts reportable in boxes 1, 3, or 8 of at least $10 (or $600 of interest in trade/business). Check if the reported amount meets the minimum threshold.
When should I check the notice box on Form 1099-INT?
Do not check it if you received both IRS notices in the same year, or if they relate to returns for the same year but were received in different years. Apply the 'two-notices-in-3-years rule'.
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