What is Form 1099-INT?
Form 1099-INT is essential for anyone who earns interest income during the tax year. Banks or other financial institutions issue it to individuals who have earned more than $10 in interest from savings, checking, or investments. It helps report this income to the IRS accurately, ensuring you pay the correct amount of taxes on your interest earnings.
What is Form 1099-INT used for?
Form 1099-INT is essential for reporting interest income. Here's what it's used for:
- To report interest income from bank accounts or investments
- To document interest paid to you throughout the year
- To assist in accurately completing your tax return
How to fill out Form 1099-INT
These step-by-step Form 1099-INT instructions will guide you through every section of the form:
Payer and Recipient Information:
Payer's name, address, and TIN: Enter the name, full address, and Taxpayer Identification Number of the bank or financial institution paying the interest.
Recipient's name, address, and TIN: Enter the name, full address, and TIN (usually SSN) of the person who received the interest.
Account number: Enter the account number to distinguish among multiple accounts for the same recipient.
FATCA filing requirement: Check this box if you are reporting to satisfy Chapter 4 (FATCA) account reporting requirements.
02. Interest and Tax Information (Boxes 1–9):
Box 1: Enter the total taxable interest paid during the year (not including amounts in box 3).
Box 2: Enter any early withdrawal penalty (interest forfeited due to early withdrawal of a time deposit).
Box 3: Enter interest paid on U.S. Savings Bonds, Treasury bills, Treasury bonds, and Treasury notes. This amount is not included in box 1.
Box 4: Enter any federal income tax withheld (backup withholding).
Box 5: Enter the recipient's share of investment expenses of a single-class REMIC (this amount is included in box 1).
Box 6: Enter any foreign tax paid on the interest.
Box 7: Enter the country or U.S. territory to which the foreign tax was paid.
Box 8: Enter tax-exempt interest paid during the year.
Box 9: Enter any tax-exempt interest that is subject to the alternative minimum tax (included in box 8).
03. Bond Premium and Other Information (Boxes 10–17):
Box 10: Enter the market discount that accrued during the year on a covered security.
Box 11: Enter bond premium amortization for taxable covered securities (other than U.S. Treasury obligations).
Box 12: Enter bond premium amortization for U.S. Treasury obligations.
Box 13: Enter bond premium amortization for tax-exempt covered securities.
Box 14: Enter the CUSIP number for tax-exempt or tax credit bonds.
Boxes 15–17: Enter state tax withheld, the state, and the state identification number.
04. File and Furnish:
Furnish Copy B to the recipient by January 31.
File Copy A with the IRS (with Form 1096) by February 28 (paper) or March 31 (e-filing).
Who is required to fill out Form 1099-INT?
Banks and financial institutions are responsible for filling out Form 1099-INT to report interest income they pay to individuals.
The IRS and taxpayers who receive interest income use Form 1099-INT to report and calculate taxes on that income.
When is Form 1099-INT not required?
Not everyone needs to fill out Form 1099-INT. This form is not required for individuals who do not have any interest income to report for the tax year.
Additionally, if your interest income from a single source is less than $10 for the year, the institution might not send you a Form 1099-INT. However, you are still responsible for reporting this income on your tax return.
When is Form 1099-INT due?
Form 1099-INT has two separate deadlines depending on which copy is being sent. The form comes in multiple copies — Copy A goes to the IRS, and Copy B goes to the recipient (the person who earned the interest).
Payers must furnish Copy B to the recipient by January 31 of the year following the year in which the interest was paid. Copy A must be filed with the IRS by February 28 (paper) or March 31 (e-filing) of that same year.
How to get a blank Form 1099-INT
To get a blank Form 1099-INT, visit our platform where the template, issued by the IRS, is pre-loaded in our editor, ready for you to fill out. Our website helps you create and download the form, but remember, we don't help with filing it.
Do you need to sign Form 1099-INT?
Form 1099-INT typically does not require a signature. It's important to verify this with recent guidelines.
Always consult the latest official sources for updates on the requirements for Form 1099-INT.
Where to file Form 1099-INT?
Form 1099-INT can be submitted online through the IRS FIRE system, which requires registration.
Alternatively, it can also be sent via mail to the IRS, following their mailing guidelines.
Other forms related to Form 1099-INT
Form 1040 / 1040-SR / 1040-NR – U.S. Individual Income Tax Return
The tax return where you report interest income — taxable interest from box 1 goes on Form 1040, line 2b, and tax-exempt interest from box 8 goes on line 2a.
Who uses it: All individuals who received interest income during the year.
Schedule B (Form 1040) – Interest and Ordinary Dividends
Required if you received over $1,500 in taxable interest during the year, listing each payer and the amount of interest received.
Who uses it: Taxpayers with more than $1,500 in total interest income.
Form 1096 – Annual Summary and Transmittal of U.S. Information Returns
Serves as a cover sheet when payers file paper copies of Form 1099-INT with the IRS, summarizing all the information returns being submitted.
Who uses it: Payers filing paper information returns with the IRS.
Form 1099-OID – Original Issue Discount
Reports original issue discount income, which is related to but separate from regular interest income and shares the same IRS instructions as Form 1099-INT.
Who uses it: Payers who issued debt instruments at a discount to report OID to holders.
Form W-9 – Request for Taxpayer Identification Number and Certification
Used by payers to collect the recipient's TIN before issuing a 1099-INT — if the recipient doesn't provide a correct TIN, backup withholding may apply.
Who uses it: Payers collecting taxpayer identification from recipients.
