Form 1099-INT, Interest Income, is a yearly tax statement provided by payers of interest income that summarizes income of more than $10 from interest along with associated expenses. The information on Form 1099-INT is provided to both the payee and the IRS.
Who needs to file a Form-INT?
File Form 1099-INT, Interest Income, for each person:
- To whom you paid amounts reportable in boxes 1, 3, and 8 of at least $10 (or at least $600 of interest paid in the course of your trade or business described in the instructions for Box 1. Interest Income),
- For whom you withheld and paid any foreign tax on interest, or
- From whom you withheld (and did not refund) any federal income tax under the backup withholding rules regardless of the amount of the payment.
Report only interest payments made in the course of your trade or business including federal, state, and local government agencies and activities deemed nonprofit, or for which you were a nominee/middleman. Report tax-exempt interest, only on Form 1099-INT.
Where do I file Form 1099-INT?
If you are filing 250 or more returns you are required to file electronically. The IRS encourages you to file electronically even if you are filing less than 250 returns. ExpressTaxfilings.com is the easiest - we transmit it all to the IRS for you! Or, print paper copies and mail them to the IRS and recipient. To find the mailing address and other detailed Form 1099-INT information see www.irs.gov/uac/Form-1099-INT.
What is the deadline to file Form 1099-INT?
The E-File deadline is March 31, 2016. If you choose to paper file, the deadline is February 29, 2016 and you are required to file Form 1096, Annual Summary and Transmittal of U.S. Information Returns. The deadline to furnish Form 1099-INT to recipients was January 31, 2016.
Do I need an EIN/FEIN to file Form 1099-INT?
An EIN is an Employer Identification Number and a FEIN is a Federal Employer Identification Number, both of which are the same number. This number is issued to businesses or individuals engaged in business matters as an identifier with the IRS (Internal Revenue Service). An EIN or FEIN is a nine digit number similar to a SSN (Social Security Number). The entity filing the Form 1099-INT should already have an EIN/FEIN for use on the 1099-INT form
How do I obtain an EIN/FEIN?
An EIN/FEIN can be obtained through the IRS directly by contacting their EIN hotline by phone or visiting irs.gov. Once the EIN/FEIN is issued it is important to keep this number secure similar to the way that you would protect your SSN.
What does IRS Authorized E-File Provider mean?
The certification of IRS Authorized E-File provider shows that the entity or software you are utilizing has been approved by the IRS directly to transmit information through their E-File system directly. In order to become an IRS Authorized E-File provider the IRS puts the entity through a stringent process to obtain this certification that involves verifying the security of the software product and website. Any time you are entering sensitive information online such as EIN/FEIN/SSN it is important to make sure that you are on a secured site with ‘https’ within the address bar and if it involves tax information that the provider is IRS Authorized. With IRS Authorized E-File Provider ExpressTaxFilings you can rest assured that you are entering your information on a secured, authorized site when filing your Form 1099-INT or other Form 1099s such as 1099-MISC,1099-DIV and even Form W-2.
Why should I choose a web based service for tax filing?
When you choose a web based system for tax filings you never have to download software to your computer or wait on CDs to arrive. This means that all information entered into a web based software, such as ExpressTaxFilings, will always be saved online and accessible from any computer at any time. This helps to avoid the loss of information in the event of a computer crash. Web based software systems also update automatically so that you always have the most up to date system possible without having to pay or wait for updates