Form 1099-INT is used to report interest income. A form must be provided for each payee to whom you paid reportable interest of at least $10, for whom you withheld/paid any foreign tax on the interest, or from whom you withheld any federal income tax under the applicable withholding rules. These forms of interest may not seem like they should count as income, but they do. Sound complicated? That’s not all.
It’s important not to confuse income earned on interest with qualified and non-qualified dividend payments. These dividend payments are accounted for with the 1099-DIV form. Likewise, a specific kind of interest income—earned on publicly offered debt instruments called Original Issue Discount (OID)—is accounted for with the 1099-OID form.
That said, you can find online instructions from the IRS for both the 1099-INT form and the 1099-OID form here. If you’re looking for a different type of 1099 form, see our 1099 resource database.
Software Support for 1099-INT Form Filing
For a lot of the financial institutions and their representatives, the individual instructions are not the problem. Rather, most struggle to meet increased efficiency goals. If you need to file one 1099-INT form, you likely need to file several. Data entry, form reporting, mailing services, and e-filing directly with the IRS and applicable state tax agencies are a major project for even the most meticulous accounting professionals, especially if there’s any volume involved at all.
What you need is a software solution that will serve as your user-friendly companion with reliable data management technologies. All accounting professionals and firms can benefit from an intuitive, menu-driven display with powerful data entry, reporting, security, and networking capabilities. That’s exactly what you get with our W-2/1099 Forms Filer.
W-2/1099 Forms Filer Features for 1099-INT Customers
- Data Entry: Enter the information through either a spreadsheet format or through a screen that resembles the actual form. These options allow you to increase data entry efficiency while also reducing errors. Better yet, you can import existing databases from any number of common file types.
- Data Reporting and Security: Reports include tables, worksheets, client letters, recipient lists, and mailing labels. Encrypted PDF files are used for security. SSN/TIN hash totals verify data accuracy.
- Printing: Easy form alignment reduces errors, while large-batch printing offers huge time-savings and hassles with overnight printing automation. With the Software-Generated Forms module (below), you can even print filing forms on plain, white paper. This is especially important for 1099-INT, as you will likely need to distribute dozens of copies.
- More Features: Free network installation. Multiple PC installation (site license may apply). Payer backup and restore. Supports up to 1,999 payers/employers.
Additional Software Products for 1099-INT Form Filers
A lot of financial institutions and independent accounting firms have software-based filing needs that go beyond the basic w-2 and 1099 filing requirements. If you’re reading about form 1099-INT, this probably describes your situation. To better offer comprehensive, customized, and cost-effective software solutions, we’ve built a sophisticated module interaction into our platform. Simply put, you can build the ideal software package for your business while leveraging a lower price point for your total forms filing software expenses:
Order your software now or continue to learn more by downloading our free software demo. Then, if you still have questions, you can talk to our Sales and Information team at any time by calling (800) 536-1099.