Before you begin preparing Form 1099-INT filing, it is important that you know what information you need. This step-by-step guide identifies 5 key topics that will help you correctly and timely file your 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.
The information needed for preparing Form 1099-INT includes the taxpayer names, addresses, and the identification numbers for the reporting business (“payer”) and the recipient (“payee”), as well as the amounts paid to the recipient.
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.
The IRS and recipient each require copies of the 1099-INT form, as well as some state tax departments.
Recipient copies of Forms 1099-INT must be distributed by January 31, 2020.
Forms 1099-INT must be submitted to the IRS on paper by February 28, 2020, or electronically by March 31, 2020.
Please note that you must file electronically if you have over 250 Forms 1099-INT to report for Tax Year 2019.