IRS Form 1099-INT Guide for 2024 (TY2023)

Before you begin preparing Form 1099-INT filing, it is important that you know what information you need. We’ve compiled the following 4 key topics in our Form 1099-INT Guide that may help you to correctly and timely complete your filing.

What’s new for Form 1099-INT?

The electronic filing threshold has been decreased to 10 forms. This means that filers with more than 10 forms total (across all form types) must submit an electronic filing.

Form 1099-INT Guide – Key Topics

Our Form 1099-INT guide identifies 4 key topics that will help you get started with your filing.

Determine who receives a Form 1099-INT

Forms 1099-INT are completed for each non-employee who has been paid more than $10 in interest in the past year.

Gather the information to prepare Form 1099-INT

The information needed for preparing Form 1099-INT includes the taxpayer names, addresses, and identification numbers for the reporting business (“payer”) and the recipient (“payee”), as well as the amounts paid to the recipient.

Verify your information

It is important to take the time to review the information being reported on your Forms 1099-INT for accuracy before distributing and filing, including the payment amounts and taxpayer information. This will minimize the risk of incurring penalties and fines.

Distribute and file

The IRS and recipient each require copies of the 1099-NEC form, as well as some state tax departments. Check out our Distribute and File Form 1099-INT Guide to see where each copy goes.

Form 1099 Deadlines

As a best practice, we recommend starting your filings as early as possible. This ensures you have ample time to collect the required information, complete the necessary forms, and verify the information for possible typos and other errors.

The IRS filing season 2024 deadlines for tax year 2023 are as follows:

2024 Deadlines (TY2023) IRS Paper File Deadline IRS E-file Deadline Recipient Copy / Furnishing Deadline
Form 1099-NEC January 31, 2024 January 31, 2024 January 31, 2024
Form 1099-MISC February 28, 2024 April 1, 2024 January 31, 2024
Form 1099-DIV February 28, 2024 April 1, 2024 January 31, 2024
Form 1099-INT February 28, 2024 April 1, 2024 January 31, 2024
Form 1099-INT Guide – Filing Season 2024 Form 1099 Deadlines (TY2023)

Please note that these are just the federal deadlines. Please verify with your state for any state requirements and the proper submission methods.

Many states participate in the Combined Federal/State Filing program for the submission of Forms 1099-B, DIV, G, INT, K, MISC, NEC, OID, PATR, and R. Check if your state participates on our CF/SF list.

Conclusion

Use this Form 1099-INT Guide along with our Essential Guide and become a master at your 1099-INT filing. You can also learn more about the transmittal form for Forms 1099 by downloading our Form 1096 PDF Guide.

Lastly, be sure to get started on your 1099 filings as soon as possible to ensure that you’re ahead of the deadlines.

BoomTax, The Boom Post, and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors prior to engaging in any transaction.

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