1099-INT Form Instructions

Form 1099-INT is the information return used for reporting the interest payments made. It’s generally filed by financial institutions such as banks and other entities. 

Although the form’s use is pretty simple, there are a few things that everyone should know when filing that can be crucial and get in the way of errors that would result in corrections. Read our instructions to understand the content of Form 1099-INT and save yourself from trouble by filing it correctly.

Where to file Form 1099-INT?

The below information can be used on all the copies of Form 1099-INT. To all the places you’re going to file Form 1099-INT, you can enter the same information. File Form 1099-INT for the 2024 tax season before January 31st with the individual the interest payments made for federal and state tax returns and keep one copy for yourself. File the 1099-INT by February 28th or March 31st, depending on how you file it with the Internal Revenue Service and state tax department.

Filling out Form 1099-INT

It’s easy to e-file Form 1099-INT and submit them to their respective recipients electronically. If you don’t want to pay for tax preparation services but still want to have the convenience of filling out forms online, you can fill out the 1099-INT Form 2024 online. However, you will need to send them to the recipients by yourself, either electronically via email or by mail. 

Here is everything you need to know when entering money amounts on Form 1099-INT to be reported for the 2022 tax season.

Box 1. Enter the total interest income paid during the tax year. You aren’t required to fill out Form 1099-INT if the interest income paid is less than $10 for the year.

Box 2. Enter early withdrawal penalty amount, if subjected.

Box 3. Enter the interest paid on US Savings Bonds and Treasury obligations.

Box 4. Enter the federal income tax withheld from the total interest income. Do not exclude the income tax withheld from Box 1.

Box 5. Enter the investment expenses that were subject to the recipient.

Box 6-7-8. In order, enter foreign tax paid, foreign country name, and tax-exempt interest. 

Box 9-10-11-12-13. In order, enter specified private activity bond interest, market discount, bond premium, the bond premium on Treasury obligations, and bond premium on tax-exempt bond.

Box 14. Enter the tax-exempt and tax credit bond Committee on Uniform Securities Identification Procedures (CUSIP) Number.

Box 15-16-17. Enter the relevant information about the state the recipient pays taxes.