If you earned or paid interest during the year, you may be required to deal with IRS Form 1099-INT. This form helps the IRS track interest income and ensures both individuals and businesses remain tax compliant.
In this blog, we break down who needs to file 1099-INT, what qualifies as interest income, reporting thresholds, and how to e-file it quickly and accurately.
What Is Form 1099-INT?
Form 1099-INT is used to report interest income of $10 or more paid to individuals, sole proprietors, partnerships, and some corporations. It is typically issued by:
Banks
Credit unions
Investment firms
Private lenders
Financial institutions
Certain businesses that paid interest on refunds or accounts payable
Who Must File a 1099-INT?
You are required to file Form 1099-INT if your business or institution paid at least $10 in interest to:
An individual
A sole proprietorship
A partnership
A trust or estate
You must also file if backup withholding was applied, even if the amount was under $10.
Examples of entities who need to file:
Banks that pay interest on savings accounts
Businesses that paid delayed invoice interest
Lenders who earned interest on personal or business loans
Who Receives a 1099-INT?
The recipient of a 1099-INT form is the person or entity who earned interest income. This information is used when filing their federal tax return to report unearned income.
Common recipients include:
Individual taxpayers
Contractors or consultants
Landlords (if paid interest on security deposits)
Vendors paid late with interest
What Information Goes on a 1099-INT?
A typical 1099-INT includes:
Payer’s and recipient’s TINs (Taxpayer ID Numbers)
Amount of interest paid (Box 1)
Any federal income tax withheld (Box 4)
Foreign tax paid (Box 6) if applicable
Bond premiums or early withdrawal penalties
When Is the Deadline to File 1099-INT?
Send to recipients: January 31
Paper filing with IRS: February 28
Electronic filing: March 31
Do You Always Have to File 1099-INT?
Not always. You may not need to file if:
The recipient is a corporation (unless backup withholding occurred)
The interest amount is less than $10
The payment was made to a tax-exempt entity
Still unsure? If you’re unsure whether your payment qualifies, it’s best to err on the side of caution — or better yet, use a tool that guides you through the filing requirements.
How to E-File 1099-INT in Minutes
Filing with the IRS doesn’t have to be complicated. With eFileMy1099.com
, you can:
✅ Create your 1099-INT form online
✅ Send to recipients automatically
✅ File with the IRS electronically
✅ Avoid penalties and missed deadlines
No paperwork. No confusion. Just compliance.
Final Thoughts
If you’re a business, financial institution, or individual who paid interest in the past year, understanding 1099-INT filing rules is essential. Keep accurate records, know your thresholds, and e-file before the deadline.
🔹 Ready to file your 1099-INT forms?
Start now at efilemy1099.com
