How to File Your 1099-INT Forms
Form 1099-INT is used to report payments on interest income of $10 or more by the entity who made the payments. These entities are generally banks, financial institutions, mutual fund institutions, and government institutions.
1099-INT 2016 Tax Year Filing Deadlines:
- Recipient Copy Deadline: January 31, 2017
- Paper Filing Deadline: February 28, 2017
- E-filing Deadline: March 31, 2017
How to File Your IRS 1099-INT Forms?
Form 1099-INT can be filed one of two ways:
- Paper Filing
- Online Filing, or E-filing
Form 1099-INT Paper Filing:
Paper filing Form 1099-INT involves submitting your form(s) manually at an IRS office. Depending on when you visit the IRS office, you may wait in line for a considerable amount of time before even speaking with a representative who can handle your forms. Once the IRS rep finally verifies your forms by hand, the whole process has taken up much more of your time than necessary.
Form 1099-INT E-filing:
E-filing is the online method of filing your 1099-INT. Usually when you e-file, the entire process is complete in just a few minutes. You can securely e-file your forms with an authorized IRS agent like ExpressIRSForms. As an IRS-authorized e-file provider, we help to easily and quickly e-file your forms directly with the IRS while providing you with PDF copies to print and mail to your recipients with ease.
What Information is Required to File IRS Form 1099-INT?
The following information is required to be reported when filing IRS Form 1099-INT online:
- Payer Details: Name, EIN, Address, Payer Type, and Employee Code
- Recipient Details: Name, SSN, Address, and Contact Information
- Federal Details: Federal Income and Federal Tax Withheld
- State Details: State Income, State Tax Withheld, and Payer State ID Number
Are There Extensions for Form 1099-INT Filing?
You can apply for an extension for IRS Form 1099-INT if you don’t believe you’ll meet the IRS’s deadline by completing and filing Form 8809. Form 8809 provides an automatic 30-day extension to submit your 1099-INT forms and can be e-filed easily with ExpressIRSForms!
What Should You Do if You Need to Make Form 1099-INT Corrections?
If Form 1099-INT is rejected, file a new Form 1099-INT as soon as possible with ExpressIRSForms or by paper filing. If the error is payee information, file a corrected form with the IRS and mail a corrected version to the payee. If the error is the payer name or TIN, write a letter containing your name, address, error type, tax year, TIN, TCC, return type, payee number, filing method, and federal income tax withheld to
Internal Revenue Service,
Information Returns Branch,
230 Murall Drive,
Mail Stop 4360,
Kearneysville, WV 25430.
IRS Form 1099-INT Filing Penalties
Failing to file a correct Form 1099-INT by the deadline without reasonable cause can lead to penalties. You can also receive a penalty if you:
- Fail to file machine-readable paper forms
- File on paper when you’re required to e-file
- Fail to include all information required
- Enter incorrect information
- Fail to report a Taxpayer Identification Number (TIN)
- Report an incorrect TIN
Your penalty amount is based on when you file the complete, corrected return.
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1099-INT Form Frequently Asked Questions
1. Are there any exemptions associated with Form 1099-INT?
You're exempt from filing Form 1099-INT for payments made to certain payees. These payees include:
- A U.S. agency
- A U.S. state or possession, including Washington, D.C.
- A corporation
- A tax-exempt organization
- Archer MSA
- Medicare Advantage MSA
- A health savings account (HSA)
- Any Individual Retirement Account (IRA)
- Registered securities or commodities dealers, nominees or custodians, brokers, or notional principal contract (swap) dealers
2. When is interest excluded from reporting on Form 1099-INT?
You're not required to report interest on a Form 1099-INT for the following instances:
- Certain portfolio interest
- Interest on an obligation issued by an individual
- Payments made to a foreign beneficial owner or foreign payee
- Interest on an obligation issued by an international organization and paid by that organization
- Interest on amounts from sources outside the U.S., paid outside the U.S., by a non-U.S. payer/middleman
3.When is payment of interest made in regards to Form 1099-INT?
When it is credited or set apart for a person without any substantial limitation or restrictions as to the time, manner, or condition of payment. The interest must be made available so that it may be drawn on at any time and its receipt brought within the control and disposition of the person.
4. What is WHFIT and how is it reported on Form 1099-INT?
WHFIT, or a Widely Held Fixed Investment Trust, is established so that trustees and middlemen must report the gross amount of interestattributable to the TIH for the calendar year on Form 1099-INT (if that amount is over $10).
If the trustee provides WHFIT information using the Safe Harbor rules in Regulations Section 1.67-5(f)(1) or (g)(1), the trustee or middleman must determine the amounts reported on Form 1099-INT under Regulations Section 1.671-5(f)(2) or (g)(2), as appropriate.