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Overland Park Kansas Form 1099 Int: What You Should Know

There is no maximum amount for which 1099-INT can be used to report income interest. Because 1099-INT gives information only, it does not allow you to report the specific tax consequences of any particular amount. If your taxable income for that year does not exceed 10,000, the IRS offers a special service to report the interest on a single payment instead of reporting all amounts for all payments. This service, known as 1099-INT GIS, is available only through a tax professional. The purpose of 1099- INT GIS is to minimize tax reporting burden and help you determine whether, and how, you should report other interest income on your tax return. If you report interest income from municipal bonds at the low tax rate on 1099-R, you should include on your tax return all interest earned and report it at the 10 percent rate. Information on Forms 1099-R and 1099-INT  You do not have to file a 1099 or other 1099-INT with the IRS. All interest income earned during the previous year is reported on  Form 1099-INT. However, you must report interest income, subject to the lower tax rate, on Forms  1099 and 1099-A.

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