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.
1. 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.
2. Gather the information to prepare Form 1099-INT
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.
3. 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.
4. Distribute and file
The IRS and recipient each require copies of the 1099-INT form, as well as some state tax departments.
5. Deadlines
Recipient copies of Forms 1099-INT must be distributed by February 1, 2021.
Forms 1099-INT must be submitted to the IRS on paper by March 1, 2021, or electronically by March 31, 2021.
Please note that you must file electronically if you have over 250 Forms 1099-INT to report for Tax Year 2020.
For more information, visit the IRS website.
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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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