Prepare Form 1099-INT for IRS Reporting

Once you are ready to begin your tax filing, you must gather the required information to prepare form 1099-INT.

Form 1099-INT is used to report interest income paid to a person through savings accounts, US Savings bonds, and interest-bearing checking accounts, or in the course of trade or business. With a relativity low interest income threshold of $10, payers must issue a 1099-INT form to all parties from the previous tax year that exceed the threshold.

IRS Form 1099 INT Copy A
Image of Form 1099-INT – Prepare Form 1099-INT

What information is needed to prepare Form 1099-INT?

Payer Information

You will need to include the following information on each 1099-INT form you prepare.

  • Federal Identification Number
  • Payer Name
  • Payer Address
  • Payer Routing Transit Number (Optional, for institutions that wish to participate in the program for direct deposit of refunds)

Payee Information

You will need to include the following information on each 1099-INT form you prepare.

  • Payee Tax Identification Number (TIN)
  • Payee Name
  • Payee Address
  • Account Number (Only required if Payee/Recipient has multiple accounts for which you are filing more than one Form 1099-INT or if selecting “FATCA filing requirement” box. Otherwise, optional.)

Payment Amounts

The IRS instructs that a 1099-INT form must be completed each person who, in the previous tax year, has been paid for certain amounts. It is recommended to view the IRS instructions for the amount types and their corresponding box number, as these are susceptible to change year to year.

Next Steps

Once you have gathered information to prepare form 1099-INT, you can:

Or you can learn more about Form 1099-INT filing and become a master at reporting using our downloadable PDF Guide below.

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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