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1099-INT: WHAT IS IT AND WHO FILES IT?

A business files the 1099-INT to record any payment of more than $ 10 in interest paid to a recipient in a year, as well as any taxes withheld. It is a record for the IRS to ensure a brokerage firm, bank, mutual fund or other financial institution records where it:

  • paid amounts of at least $ 10 in interest
  • withheld and paid any foreign tax on interest
  • withheld and did not refund any federal income tax within the tax withholding rule, regardless of the amount of the payment

The 1099-INT is completed by the business, filed with the IRS and a copy mailed or hand delivered to the recipient by no later than 31 January. The recipient uses the 1099-INT to complete and file their federal tax return.

The 1099-INT is an information document for the IRS. As the recipient of interest received, you may not have to pay income tax on interest paid to you but you do still need to report it in your tax return.

WHAT IS INTEREST INCOME?

Interest income is the amount an investor earns on money that he has invested with a brokerage firm, bank, mutual fund or any other financial institution, or it may be a project that required capital investment.

On a small scale, this would be interest earned on a savings account or fixed deposit account. The bank uses the money you place in the care of a bank to lend to borrowers and pays an interest fee to the account holder. Interest income of $ 10 and more earned in a tax year is taxable.

A brokerage or financial institution does not need to send you a 1099-INT if interest earned is less than $ 10 but you are required to report all interest income received in a year.

Interest paid covers:

  • bank deposits
  • accumulated dividends paid by a life insurance company
  • indebtedness; includes bonds, debentures, notes and certificates other than those of the US Treasury

It also covers interest accrued by a:

  • real estate mortgage investment conduit (REMIC)
  • financial asset securitization investment trust (FASIT) regular interest holder
  • collateralized debt obligation (CDO) holder

WHAT INFORMATION DOES THE 1099-INT RECORD?

Information on the 1099-INT records:

  • details of payer, including identification numbers
  • details of recipient, including identification numbers
  • amount of interest paid
  • amount of tax-exempt interest paid
  • amount of interest paid on US savings bonds and treasury obligations
  • foreign tax paid
  • market discount
  • bond premium
  • bond premium on tax-exempt bond
  • federal income tax withheld
  • state income tax withheld
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WHEN MUST THE 1099-INT BE FILED?

The 1099-INT must be filed with the IRS no later than 28 February if you are filing by paper; and 1 April if you file electronically. The recipient must receive the 1099-INT by no later than 31 January.

PENALTIES FOR NOT FILING THE 1099-INT

The IRS will impose a penalty if you fail to file the 1099-DIV for an individual on time and/or fail to provide the recipient with a copy on time. The IRS also imposes a penalty if the required information is not recorded, such as tax identification number. Refer to the IRS website for the latest penalty fees.

WHERE DO YOU GET THE 1099-INT

The 1099 forms are pre-printed in triplicate by the IRS and dated. You must use the correct form for the current year; marked on the forms on the bottom in black lettering.

You have the following options:

  • order the forms you need from the IRS and collect from the IRS service centre
  • purchase the forms from the post office or a stationary outlet
  • purchase them online from a reputable source

You can file any 1099 form online with the IRS using the FIRE System (Filing Electronic Returns Electronically) online.

DOWNLOAD 1099 FORMS HERE

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