Form 1099-INT (2013) Checklist
Overview and Filing Requirements
Form 1099-INT reports taxable and tax-exempt interest income paid during the 2013 calendar year. Payers must furnish Copy B to recipients by January 31, 2014, ensuring taxpayers receive documentation before filing deadlines.
Paper filers must submit Copy A to the IRS by February 28, 2014, using official scannable forms. Electronic filers receive an extended deadline of March 31, 2014, for submitting returns through approved filing systems.
Payer Information Requirements
The payer section must display the complete name, street address, city, state, country, ZIP or foreign postal code, and telephone number. All address elements must appear in the proper format to ensure accurate IRS processing and recipient identification.
The payer's federal identification number must appear as a nine-digit EIN in accurate format without errors or omissions. Incorrect or incomplete payer information can result in processing delays and potential penalties for non-compliance with IRS reporting requirements.
Recipient Identification Standards
Payers must report the recipient's complete identification number, which may be an SSN, ITIN, or ATIN. Forms furnished to recipients may display only the last four digits for privacy purposes under proposed regulations.
Payers must report the full identification number to the IRS and applicable state or local governments without truncation. All state and local government reporting requires complete taxpayer identification numbers to ensure accurate tax processing and compliance with federal information return requirements.
This checklist is for educational purposes only and does not constitute tax or legal advice. Always review official IRS instructions and consult a qualified professional for guidance.
Box-by-Box Reporting Instructions
Box 1 – Taxable Interest
Report all taxable interest income in Box 1, including amounts from various interest-bearing accounts and obligations. Tax credit bond credits from clean renewable energy bonds, qualified forestry conservation bonds, new clean renewable energy bonds, qualified energy conservation bonds, qualified zone academy bonds, qualified school construction bonds, and Build America bonds must appear in Box 1.
The IRS treats these credits as paid on quarterly allowance dates of March 15, June 15, September 15, and December 15 during 2013. Recipients claim these amounts as tax credits on Form 8912 rather than reporting them as taxable interest income.
Box 2 – Early Withdrawal Penalty
Enter any interest or principal the recipient forfeited due to early withdrawal from time savings accounts. Recipients may deduct this amount above-the-line on Form 1040, and payers should not reduce the Box 1 amount by the forfeiture amount.
Box 3 – U.S. Savings Bonds and Treasury Obligations
Report interest on U.S. Savings Bonds, Treasury bills, Treasury notes, and Treasury bonds separately in Box 3. This interest remains exempt from state and local taxation, and payers should not duplicate amounts between Box 1 and Box 3.
Box 4 – Backup Withholding
Complete Box 4 only when backup withholding applies due to missing or incorrect taxpayer identification numbers or when backup withholding rules trigger under Form W-9 requirements. The applicable backup withholding rate for 2013 equals 28 percent, and recipients must include these amounts in their total tax withholding.
Box 5 – REMIC Investment Expenses
Report the recipient's allocable share of single-class REMIC investment expenses in Box 5, as the Box 1 total already includes these expenses. Recipients may deduct these amounts on Schedule A Form 1040 as miscellaneous itemized deductions subject to the 2 percent AGI limitation for 2013.
This checklist is for educational purposes only and does not constitute tax or legal advice. Always review official IRS instructions and consult a qualified professional for guidance.
Boxes 6 and 7 – Foreign Tax Information
Enter any foreign income tax paid in Box 6 using U.S. dollar amounts, and Box 7 requires the country or U.S. possession identifier where the foreign tax originated. Recipients may claim foreign taxes as either a deduction or a credit on Form 1040 but not on Form 1099-INT.
Box 8 – Tax-Exempt Interest
Report tax-exempt interest separately in Box 8, and recipients must report this amount on line 8b of Form 1040 or Form 1040A, even though the interest remains tax-exempt. Tax-exempt interest may be subject to backup withholding reported in Box 4.
Box 9 – Private Activity Bond Interest
Identify the portion of tax-exempt interest subject to alternative minimum tax in Box 9, as this amount represents a subset of the Box 8 total. Recipients use Box 9 amounts for Form 6251 AMT calculations only.
Box 10 – CUSIP Number
Include CUSIP numbers for tax-exempt bonds when issued to provide proper identification of the specific bond obligation. Leave Box 10 blank when no CUSIP number exists for the reported bonds or when reporting multiple bonds in aggregate.
Boxes 11, 12, and 13 – State Tax Information
Box 11 displays the two-letter state postal abbreviation for the state where income tax withholding occurred. Box 12 shows the payer's state identification number assigned by the state tax authority for reporting purposes.
Box 13 reports the state income tax withheld from interest payments during the 2013 calendar year. Payers must complete all three boxes when state tax withholding applies to reported interest to ensure recipients receive accurate state tax withholding information.
Nominee Reporting Obligations
Recipients who hold amounts as nominees for other owners must file a separate Form 1099-INT for each true owner, listing the nominee as payer and the actual owner as recipient. Spouses need not file nominee returns for amounts held for each other under the husband-wife exemption.
This checklist is for educational purposes only and does not constitute tax or legal advice. Always review official IRS instructions and consult a qualified professional for guidance.
Electronic Filing and Form Restrictions
Payers filing ten or more forms must submit electronically per Publication 1220 specifications. Paper forms printed from the IRS website cannot be filed with the IRS because Copy A requires an official scannable format.
Only official pre-printed forms or electronically filed submissions meet IRS acceptance standards. The electronic filing deadline of March 31, 2014, provides additional processing time beyond the paper filing deadline.
Special Reporting Situations
Foreign Recipients
Nonresident aliens receiving interest payments may require Form 1042-S filing and withholding under Publication 515 guidelines. Form 1099-INT should not be used for reporting nonresident alien interest subject to withholding.
Verification Procedures
All reported amounts require verification for accuracy before filing, and recipients should review forms immediately upon receipt. The IRS issues penalties for inaccurate or late filing that range based on violation severity and timing.
This checklist is for educational purposes only and does not constitute tax or legal advice. Always review official IRS instructions and consult a qualified professional for guidance.
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This checklist is for educational purposes only and does not constitute tax or legal advice. Always review official IRS instructions and consult a qualified professional for guidance.
