Form 1099-INT

What is Tax Form 1099-INT?

Tax Form 1099-INT is a document used to report interest income earned throughout the year. Banks, financial institutions, and other entities issue this form to individuals who receive $10 or more in interest from savings accounts, certificates of deposit (CDs), bonds, or other interest-bearing accounts.
If you earn taxable interest, Form 1099-INT helps the IRS track your income to ensure proper tax reporting. Even if you don’t receive the form, you’re still required to report interest income on your tax return.

Who Needs to File Tax Form 1099-INT?

If you’re a financial institution or business that pays interest, you must file Form 1099-INT if you meet any of the following criteria:

• You paid $10 or more in interest to an individual or entity.
• You withheld and paid any foreign taxes on interest income.
• You withheld backup withholding taxes on interest payments.

Financial institutions, banks, credit unions, and investment firms are the most common filers of Form 1099-INT.

When to File Tax Form 1099-INT in 2025?

Here are the deadlines for filing Form 1099-INT in 2025:

• January 31, 2025: Provide a copy of Form 1099-INT to the recipient.
• February 28, 2025: File the form with the IRS if submitting by mail.
• March 31, 2025: File the form with the IRS if submitting electronically.
• As soon as possible if corrections are needed: If errors are found, submit a corrected form promptly to avoid penalties.

Meeting these deadlines ensures compliance with IRS regulations and helps taxpayers file their returns accurately.

What Are the Penalties for Filing Tax Form 1099-INT Late?

If you fail to file Form 1099-INT on time in 2025, the IRS may impose penalties based on how late you are. Here’s a breakdown:

• $60 per form: If filed up to 30 days late (by March 31, 2025).
• $120 per form: If filed more than 30 days late but before August 1, 2025.
• $310 per form: If filed after August 1, 2025, or not filed at all.
• Higher penalties for intentional disregard: If you deliberately fail to file the form, the penalty is $630 or more per form, with no maximum limit.

Filing on time and correcting errors quickly can help avoid unnecessary fines.

How to File Tax Form 1099-INT Online?

Filing Form 1099-INT online is quick and efficient. Here’s how:

1. Choose an IRS-authorized e-file provider:
   • Visit the IRS website for approved e-file services or use trusted tax software like TurboTax, TaxAct, or others.
2. Create an account or log in:
   • Register with your provider and set up your profile, including your Employer Identification Number (EIN) or Taxpayer Identification Number (TIN).
3. Enter payment details:
   • Fill in the recipient’s name, address, and TIN, along with the amount of interest paid.
4. Verify the information:
   • Double-check all details to avoid errors, especially names, TINs, and payment amounts.
5. Submit the form electronically:
   • Once verified, submit the form through the e-file platform. You will receive a confirmation when the IRS accepts it.
6. Send a copy to the recipient:
   • Provide a copy of Form 1099-INT to the individual by January 31, 2025.

Filing online is faster, reduces errors, and gives instant confirmation of receipt from the IRS.

Tips for Filing Tax Form 1099-INT

Here are some useful tips to ensure you file Form 1099-INT correctly:

1. Determine if you need to file:
   • File a 1099-INT if you paid $10 or more in interest to an individual or business.
2. Collect accurate information early:
   • Request a completed Form W-9 from recipients to get their correct TIN.
3. Meet the deadlines:
   • Provide copies to recipients by January 31, 2025, and file with the IRS by February 28 (mail) or March 31 (e-file).
4. Double-check for errors:
   • Ensure names, TINs, and interest amounts are accurate to avoid penalties.
5. Use e-filing for efficiency:
   • Filing electronically minimizes errors and speeds up processing.
6. Keep records:
   • Save copies of filed forms and receipts for at least three years.
7. Fix mistakes promptly:
   • If you notice an error, submit a corrected form as soon as possible.
8. Consult a tax professional if needed:
   • If unsure about any step, seek help from a tax advisor.

Following these tips ensures compliance and helps avoid IRS penalties!

1099-INT Form FAQ