Form 1099-INT

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Definition of 'Form 1099-INT'

A Form 1099-INT is an Internal Revenue Service (IRS) tax document that reports interest income paid to individuals, businesses, and trusts. The form is issued by the payer of the interest, such as a bank, credit union, or brokerage firm.

The 1099-INT includes the following information:

* The payer's name and address
* The recipient's name and address
* The amount of interest paid
* The date the interest was paid
* The interest rate

The 1099-INT must be sent to the recipient by January 31 of the following year. The recipient must then include the interest income on their tax return.

There are a few exceptions to the 1099-INT reporting requirement. For example, interest income of less than $10 is not required to be reported on a 1099-INT. Additionally, interest income from U.S. savings bonds is reported on Form 1099-INT, but interest income from municipal bonds is not.

If you receive a Form 1099-INT, it is important to keep it for your records. You will need the information on the form to file your tax return.

Here are some additional tips for dealing with Form 1099-INT:

* If you have multiple 1099-INTs, you can combine them into one Form 1040.
* If you have any questions about Form 1099-INT, you can contact the IRS or your tax preparer.

Form 1099-INT is an important tax document that reports interest income. By understanding the form and its requirements, you can ensure that you are properly reporting your interest income and paying the correct amount of taxes.

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