When Is Form 1099-INT Due? Deadlines and Next Steps
Navigate Form 1099-INT deadlines, from when you should expect it to what steps to take if your statement is delayed for tax reporting.
Form 1099-INT, known as the Statement for Interest Income, serves as an important document for financial institutions and taxpayers. Its purpose is to report interest income paid to individuals or entities by various payers, including banks, brokerage firms, and other financial institutions. This form facilitates proper tax reporting to the Internal Revenue Service (IRS) by both the payer and the recipient, ensuring all reportable interest income is accounted for.
Recipient Deadlines for Form 1099-INT
Financial institutions and other payers must furnish Form 1099-INT to recipients by a specific deadline. This deadline is typically January 31st of the year following the tax year in which the interest was earned. For instance, for interest income earned in 2024, recipients should receive their Form 1099-INT by January 31, 2025. If this date falls on a weekend or a legal holiday, the deadline is extended to the next business day.
This form reports various types of interest income, such as interest from savings accounts, checking accounts, money market accounts, certificates of deposit (CDs), and U.S. savings bonds or Treasury obligations. Payers are required to issue a Form 1099-INT if the total interest paid to a single recipient is $10 or more. While extensions can sometimes be granted to payers, potentially delaying a recipient’s receipt, the January 31st date is the standard for distribution.
IRS Filing Deadlines for Form 1099-INT
Separate from the recipient deadline, financial institutions and other payers must also file Form 1099-INT with the IRS by specific dates. The deadline for paper filing Form 1099-INT is typically February 28th of the year following the tax year. For example, 2024 tax year forms filed on paper are due by February 28, 2025.
For electronic filing, payers are allowed an extended deadline, generally March 31st of the year following the tax year. Payers can request an automatic 30-day extension to file Form 1099-INT with the IRS by submitting Form 8809, Application for Extension of Time To File Information Returns, if they require additional time.
Steps for Missing Form 1099-INT
If a Form 1099-INT is not received by the January 31st recipient deadline, contact the payer directly, such as your bank or brokerage firm, to request a duplicate copy. Allow 10 to 14 business days for the form to arrive after contacting the institution. Sometimes, a form may not be issued if the interest earned was less than $10, but this income still needs to be reported.
Even if the form is not received, taxpayers remain responsible for accurately reporting all interest income on their tax returns. Utilize other financial records, such as monthly statements, year-end account summaries, or online banking information, to determine the exact amount of interest income received. If, after repeated attempts, the form is still not obtained from the payer, contact the IRS for assistance in acquiring the missing document.