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1099-int filing instructions 2023 Form: What You Should Know
Form 1099-INT is a tax form that is used to report interest, dividends, and capital gains on the portion of an investment contract that pays qualified taxes under Section 481 of the Code, and the portion that pays qualified taxes under Section 482 of the Code. The form is generally used for individuals, estates, trusts, partnerships, S corporations, corporations, annuities and pension plans, cooperatives, and small business estates. Interest may be reported on interest-bearing debt instruments. Interest income must be reported on Form 1099-INT no later than the due date of the return for the year. UBS may elect to report the interest on Form 1120-ES, which is provided on the 2023 Form 1099-INT Instructions. For more information, see the 2023 Consolidated Tax Guide. When Do I File a 1099-INT? If a bond pays qualified capital gain taxes under Section 482, report the bond on Form 1099-INT. If the interest is not qualified, report the bond in one of the following ways: • If it is an annuity contract, on a tax form available on the IRS' Website (); • If the payment is a nonqualified annuity lump sum, or the bond pays qualifying qualified dividends, on a form available on the IRS' Website (); or • If any part of the payment is a qualified dividend under Section 484 with respect to a dividend received by the bond before December 31 of the first year in which the instrument qualified for the exclusion, on a form available on the IRS' Website (). When Do I Complete Form 1099-INT? Do not complete the Form 1099-INT until you have filed your tax return. You must file this form until the due date of the return, even if you receive payment prior to filing. However, if you are not required to file a return electronically, you should complete the Form 1099-INT (and the corresponding Form 986-A) when it is time to file.
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