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The 1099-Int form is used for tax filing purposes, and it is related to interest earned. This interest is usually from a bank or government agency. Interest earned needs to be included as part of your earned income when you are filling your taxes for the year.
The 1099-Int form will be given to you before you need to file your taxes for that year. The information on this 1099-Int form will then be placed in the appropriate spot on your tax return forms.
Including this information on your tax return is important, as it is required you list all income to the IRS. If you think you should have received a 1099-Int form from your financial institution, contact them. It is better to be sure you do not have any interest to claim on your tax return before filing.
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A 1099-INT form is a relatively simple little thing. Its purpose is to report to the IRS how much interest income you have accrued over the financial year. As with many tax forms, even a brief document like the 1099-INT can be intimidating. To help you out, we've broken down the document into parts and provided a basic 1099-INT template to help you navigate it stress-free. 1099-INT's don't have to be a thorn in your side. Here's their basic makeup -
This includes full legal name, address, and contact information, as well as FIN (federal identification number).
This includes the recipient's full legal name, address, contact information, account number, and identification number.
This is the most involved section of the 1099-INT form. It includes the amounts of interest income accrued, the penalty instigated for early withdrawal and the interest accrued on U.S. savings bonds and treasury obligations. It also includes information (as in amounts and regional details) of federal and state taxes withheld and foreign taxes paid. It also includes information regarding bonds, such as the premium paid, market discounts, the CUSIP number of any tax-exempt bonds, and interest accrued on any specified private activity bonds.