Preparing Form 1099-INT: TY2017 Guide

It is important that you know what information you need before you begin preparing Form 1099-INT. We’ve identified the following 5 key topics that may help you to correctly and timely file your 1099-INT forms with our Step-by-Step Guide.

1. Determine Who Must Receive a 1099-INT Form

The IRS instructs that a 1099-INT form must be completed for each non-employee who has, in the past year, been paid more than $10 in interest.

2. Gather Information to Prepare Form 1099-INT

Before you prepare your 1099-INT, you will need the tax information for the business or payer and recipient or payee, as well as the amounts paid to the recipient.

3. Check for Accuracy

In order to avoid potential penalties, it is important that you take the time to review the information you have reported on your 1099-INT forms for accuracy before printing and distributing to the appropriate parties.

Tools such as TINCorrect can help you verify tax ID numbers for payers and recipients before you file.

4. File and Distribute 1099-INT Forms

Form 1099-INT is a multi-part form. Several parties will require copies of the 1099-INT form, including the IRS, recipient and, if applicable, a state tax department.

5. Deadlines for 1099-INT Forms

Most 1099 forms are due to the IRS by February 28, 2018 for paper filing, and April 2, 2018 for electronic filing.

All 1099s are due to their recipients by January 31, 2018.

Looking for additional information?

Check out our Knowledge Base for answers to our most popular questions. You can also contact us at [email protected]

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.

About Author

Leave a comment