1099INT

The IRS Form 1099‑INT is a U.S. tax reporting form used by financial institutions and other payers to report interest income paid to a recipient during the calendar year. The form is part of the broader 1099 series of information returns, which the Internal Revenue Service requires for various types of payments.

Key information disclosed on a 1099‑INT includes the total amount of taxable interest received, any interest that is exempt from federal tax, qualified retirement savings contributions, and the payer’s Federal Identification Number. The form also shows any interest payments that qualify for a reduced withholding rate, such as certain life insurance policy interest.

The form is typically issued when interest payments to a recipient equal or exceed $10 in a year, although a payer may still file the form for interest amounts that are less than $10 if the recipient requests it. Banks, credit unions, brokerages, and governmental entities commonly distribute 1099‑INTs. End‑year recipients of 1099‑INTs should report the interest on Schedule B of Form 1040, or directly on the appropriate tax return, unless all interest is covered by withholding and the amount is negligible.

Payers must send printed copies to recipients by the first day of February following the reporting year and file copies with the IRS by the end of March when filing electronically, or by the end of February when filing on paper. The form also informs appropriate tax withholding; most interest income is subject to 10‑percent withholding unless the taxpayer submits a valid Form W‑9 indicating a correct taxpayer identification number and request for reduced withholding.

Failure to file or to furnish accurate copies of 1099‑INT can lead to penalties for the payer, and recipients may be subject to additional tax if they do not report the income correctly.