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This document provides instructions for filing Forms 1099-INT and 1099-OID for the tax year 2012. It includes updates on changes in reporting requirements, guidelines for exempt recipients, interest

How to fill out forms 1099-int and 1099-oid

How to fill out Forms 1099-INT and 1099-OID

1. Obtain Forms 1099-INT and 1099-OID from the IRS website or authorized distributor.
2. Enter the payer's name, address, and TIN in the appropriate fields.
3. Fill in the recipient's name, address, and TIN accurately.
4. For Form 1099-INT, report the interest income in Box 1. If applicable, fill out other relevant boxes such as Box 2 for early withdrawal penalties.
5. For Form 1099-OID, report the original issue discount amount in Box 1.
6. Include any federal tax withheld, if applicable, in the corresponding boxes.
7. Review the completed forms for accuracy.
8. Submit Copy A of the forms to the IRS and provide Copy B to the recipients by the required deadlines.

Who needs Forms 1099-INT and 1099-OID?

1. Individuals who earned interest income from banks, financial institutions, or other sources need Form 1099-INT.
2. Borrowers who have received original issue discount on loans or bonds are required to receive Form 1099-OID.

People Also Ask about

Why would a mortgage company send a 1099?

Mortgage companies issue 1099-INT forms to report interest income paid to you over the year. While mortgages are generally linked to interest expenses, certain situations result in interest income. A common example involves escrow accounts.

Why do I have two 1099-INT forms?

If both 1099-R forms are for the same account and tax year but show different amounts, it's likely because one reports your monthly distributions, while the other covers the additional withdrawal to meet your RMD. The IRS requires that all taxable distributions be reported, even if they come from the same account.

Why did I receive Form 1099-INT?

A 1099-INT tax form is a record that a person or entity paid you interest during the tax year. If you earned $10 or more in interest from a bank, brokerage or other financial institution, you'll receive a 1099-INT.

What is the purpose of a 1099-OID?

Form 1099-OID, Original Issue Discount, exists to report income when bonds, notes, or certificates of deposit (CDs) are sold at a discount from their maturity value. For example, a bond with a $1,000 face value may be sold for $900.

Why would I get a 1099-INT from my mortgage company?

The 1099 Interest form is typically referred to as the 1099-INT. This document is sent if you had an escrow account that earned $10.00 or more in interest throughout the tax year. If your account earned less than $10.00 in interest, a form will not be sent.

Why did I receive a 1099-INT from my mortgage?

The 1099 Interest form is typically referred to as the 1099-INT. This document is sent if you had an escrow account that earned $10.00 or more in interest throughout the tax year. If your account earned less than $10.00 in interest, a form will not be sent.

Do I have to pay taxes on 1099-INT?

If you receive a 1099-INT, you may not have to pay income tax on the interest it reports, but you may still need to report it on your return.

What are the 1099-INT forms?

A 1099-INT tax form is a record that a person or entity paid you interest during the tax year. If you earned $10 or more in interest from a bank, brokerage or other financial institution, you'll receive a 1099-INT. Simply receiving this tax form doesn't necessarily mean you owe taxes on that money.

For pdfFiller’s FAQs

What is Forms 1099-INT and 1099-OID?

Form 1099-INT is used to report interest income earned by an individual, while Form 1099-OID is used to report original issue discounts on debt instruments such as bonds.

Who is required to file Forms 1099-INT and 1099-OID?

Banks, financial institutions, and other entities that pay interest or have issued debt instruments are required to file these forms if they make payments that meet the reporting thresholds.

How to fill out Forms 1099-INT and 1099-OID?

To fill out these forms, the payor must provide the recipient's information, the amounts paid, and details such as any federal income tax withheld, as well as the identifying information for the payer.

What is the purpose of Forms 1099-INT and 1099-OID?

The purpose of these forms is to ensure that interest income and discount amounts are reported to the IRS, and to assist taxpayers in reporting their income accurately on their tax returns.

What information must be reported on Forms 1099-INT and 1099-OID?

Forms 1099-INT and 1099-OID must report the recipient's name, address, taxpayer identification number, the total amount of interest or original issue discount paid, and any federal income tax withheld, among other details.