Form 1099-INT – What is it?

Form 1099-INT, Interest Income, is a yearly tax statement supplied by payers of interest income that summarizes earnings of greater than $10 from curiosity combined with associated expenditures. The information on Form 1099-INT is provided to the payee and the IRS.

Who needs to file a Form-INT?

Document Form 1099-INT, Interest Income, for each individual:

  • To whom you paid amounts reportable in boxes 1, 3, and 8 at least $10 (or $600 of interest in the course of your trade or business described in the directions for Box 1. Interest Earnings ),
  • For whom your money and paid any foreign tax on interest, or
  • From whom you withheld (and failed to refund) any federal income tax under the backup withholding rules, whatever the payment amount.

Report only interest payments made in the course of your trade or business, including national, state, and local government agencies and activities deemed nonprofit, or for that, you were a nominee/middleman. Report tax-exempt interest, just on Form 1099-INT. You don’t need to report tax-exempt interest that is original issue discount (OID). Report part that’s taxable OID on Form 1099-OID, not on Form 1099-INT.

Where do I file Type 1099-INT?

If you are submitting 250 or more returns, you are required to file electronically. The IRS encourages you to file electronically even if you are filing less than 250 yields. Or, print paper copies and mail them to the IRS as well as the receiver. To find the mailing address along with other detailed Form 1099-INT information, visit IRS.

What’s the deadline to file Type 1099-INT?

Filing TypeDue Date
Recipient copyFebruary 1, 2021
Recipient copy (if reported by trustees and middlemen of WHFITs)March 15, 2021
IRS Paper FilingMarch 1, 2021
IRS eFileMarch 31, 2021