When Do You Get a 1099 Form for Interest?
The tax deadline for individuals typically looms every year around April 15. Between New Year's and the tax deadline, we compile tax receipts, statements and forms for the previous year. We rely on informational forms from companies and organizations to calculate our taxable income or revenue. The 1099-INT form serves as an informational form for interest earned, such as a bank account or mortgage escrow account. Make sure you received all tax forms early!
Other People Are Reading
-
Interest Earnings
-
Interest earned in an account is reported annually as revenue on a 1099-INT form, whether it's issued as reinvested credit, cash or payments that benefit the account holder. Individuals provide their Social Security numbers or taxpayer ID numbers to institutions when they set up an account, or submit a completed W-9 form with their tax information. These institutions track payments and benefits related to interest and report credits as earnings. Credits for the prior year must be reported to the individual on a 1099-INT form and to the Internal Revenue Service on a 1096 form in the first quarter of each year.
Issuers
-
Institutions and organizations report accrued interest for an account for the year on the 1099-INT form. Institutions include banks, credit unions, state and federal governments and lenders. According to TaxSlayer.com, 1099-INT statements are also issued for those who redeemed savings bonds.
-
Timing
-
According to the IRS Publication, "General Instructions for Certain Informational Returns, i1099GI," the due date to mail the 1099-INT form to the recipient for the 2010 tax year is January 31, 2011, and the corresponding 1098 form to the IRS by February 28, 2011. While the exact due dates for sending and filing forms can vary each year, companies can issue forms before the deadline. 1099-INT forms should be postmarked by the due date and recipients can expect tax forms in the mail during January and February each year.
What To Do
-
If you didn't receive a 1099-INT form from one of your financial institutions by early March, contact the organization to see whether the form was mailed. Companies who file 1099 forms to recipients also file informational forms to the Internal Revenue Service so revenue can be tracked. If the form was already mailed, request a copy reissued to you.
If you received a 1099-INT form, calculate and file this as revenue on last year's tax return.
-
References
- Photo Credit TAX TIME image by brelsbil from Fotolia.com
