Contents -

Form 1099-INT

NOTE

ANY INSTRUCTIONS CONTAINED HEREIN ARE ADVISORY ONLY.

REFER TO IRS INSTRUCTIONS FOR OFFICIAL INFORMATION.



Form 1099-INT - Interest Income

Report Interest income, for each person 
(1) To whom you paid interest income and interest on U.S. savings bonds and treasury obligations of at least $10 (or at least $600 of interest paid in the course of your trade or business described in the instructions for Box 1, Interest Income from IRS Instructions for Forms 1099INT),
(2) For whom you withheld and paid any foreign tax on interest, or
(3) From whom you withheld (and did not refund) any Federal income tax under the backup withholding rules regardless of the amount of the payment.

Account number (Required)
Enter any number assigned by the payer to the payee that can be used by the IRS to distinguish between information returns.  This number must be unique for each information return.  The account number is critical in the correction process, especially when more than one information return is filed for a payee.  MAG-FILER will automatically assign an account number if the field is blank.

TIN # (Required)
Enter the payee's valid 9-digit Taxpayer Identification Number (SSN or EIN, as appropriate).  Leave this field blank if the TIN# is unknown.   Any form filed containing an invalid identification number in this entry may be returned for correction.

SSN  (else EIN) (Required)
Check this box if the payee TIN # is a Social Security Number (SSN) of an individual.  Leave this box blank if the payee TIN # is an Employer Identification Number (EIN) of a business or an organization.

NOTE: Imbedded blanks, extraneous words, titles, and special characters ( i.e., Mr., Mrs., Dr., period [.], apostrophe [ ' ] should be removed from Payee Name Lines.  An ampersand (&) and a dash (- ) are the only acceptable special characters.  A comma ( , ) between last name and first name that is placed by MAG-FILER is also acceptable.

Name (Required)
Enter the name of the recipient belonging to the Taxpayer Identification Number (TIN).  If the TIN, is an SSN, enter as last name suffix, first, middle initial, e.g., Doe Jr., John A.).  If the TIN is an EIN, the name is entered as is.  Use the Second Name Field if additional space is required.

Second Name Field
If the payee name requires more space than is available in the name field, ENTER ONLY THE REMAINING PORTION OF THE NAME IN THIS ENTRY.  If there are multiple payees, this field may be used for those payees' names.  DO NOT USE THIS FIELD FOR ADDRESS INFORMATION. 

Address (Required)
Enter the payee's mailing address.  The address MUST be present.  This entry must not contain any data other than the payee's mailing address.

City (Required)
Enter the payee's city.   Do not enter state and zip code information in this entry.

State (Required)
Enter the abbreviation for the payee's state or foreign country.  You must use valid U.S. Postal Service state abbreviations for U.S. addresses.

Zip (Required)
Enter the payee's valid 9-digit zip code assigned by the U.S. Postal Service.

Interest Income
Show interest paid to you during the calendar year by the payer.  Do not include interest on U.S. savings bonds and treasury obligations.

Early Withdrawal Penalty
Amounts of interest or principal forfeited because of an early withdrawal of time deposits such as an early withdrawal from a certificate of deposit (CD), that is deductible from gross income by the recipient.

Interest on U.S. Savings Bonds and Treas. Obligations
Enter interest amount on U.S. savings bonds, treasury bills, treasury notes, and treasury bonds. Do not include interest income.

Fed Income Tax Withheld
Amounts for backup withholding.

Investment Expenses: (Required)
The amount of investment expenses of a single-class REMIC.

Foreign Tax Paid
Foreign tax withheld and paid on interest.  Report this amount in U.S. dollars.

Foreign Country or U.S. Possession
If foreign tax paid, enter the name of the foreign country or U.S. possession to which the withheld tax applies.

Tax-exempt interest
Enter interest of $10 or more that is credited or paid to the person's account if that interest is used to finance government operations and is issued by a state, the District of Columbia, a U.S. possession, an Indian tribal government, or a political subdivision.  Include any accrued interest on these bonds sold between interest dates (or on a payment date).  Also include any exempt-interest dividends from a regulated investment company (RIC). Do not include any exempt-interest dividends on Form 1099-DIV, Dividends and Distributions.
Original issue discount (OID) on tax-exempt state or local government bonds is treated as tax-exempt interest.
Include specified private activity bond interest in the Specified Private Activity Bond Interest field and in the total for Tax-Exempt Interest.  See instructions in the next field, Specified Private Activity Bond Interest. 

Specified priv. activity bond interest
Enter interest of $10 or more of interest from specified private activity bonds.  Generally, "specified private activity bond" means any private activity bond defined in  section 141 and issued after August 7, 1986.  See section 57(a)(5) for more details.  Also see the instructions for Form 6251, Alternative Minimum Tax-Individuals.
Include exempt-interest dividends paid by a RIC on specified private activity bonds to the extent that the dividends are attributable to interest on the bonds received by the RIC minus an allocable share of the expenses.

Special
This area may be used to record information for state or local government reporting or for the filer's own purposes. Enter "CFS" and state abbreviation if the working state is different from the residence for combined Federal/State filing.

2nd TIN Notice
Check the 2nd TIN notice box if notified twice by the IRS within 3 calendar years that the payee provided an incorrect taxpayer identification number (TIN).

Select Print
Check this box to select specific payees for printing.

Corrected Return
Check this box if this entry is a corrected return.  This is only used IF YOU HAVE ALREADY SUBMITTED MAGNETIC MEDIA FILING and wish to print or file corrected returns.  NOTE: The same account number reported on the original must also be on the corrected record.