How do I create Form 1099-INT?

Creating Form 1099-INT

  1. Click on the Payer List button.
  2. Double click on the payer name.
  3. Highlight the recipient to add the form to.
  4. Click on the Add Form button.
  5. Choose 1099-INT from the Form Type drop down menu.
  6. Fill in the necessary fields on the form:
    • Return Information Tab:
      • Corrected:  Check if this box applies.
      • Foreign country or U.S. possession:  Enter the name of the foreign country or U.S. possession to which the withheld tax applies.
      • Tax-exempt bond CUSIP no.:  Enter the CUSIP number of the tax-exempt bond for which tax-exempt interest is reported in box 8 or tax credit bond for which a tax credit or taxable interest is reported in box 1. If the tax-exempt interest or the tax credit is reported in the aggregate for multiple bonds or accounts, enter ‚Äúvarious."
      • State (1):  Enter state abbreviation.
      • State identification no. (1):  Enter payer's state number.
      • State (2):  Enter state abbreviation.
      • State identification no. (2):  Enter payer's state number. 
      • Payer's RTN:  Enter routing transit number for participation in program for Direct Deposit of refunds.
      • Account Number:  A number assigned to recipient by the payer.  This field is optional except for the following cases:
        • The recipient has multiple returns for the same return type.
        • The returns are filed using the E-file Center.
      • FATCA filing requirement:  Check this box if the payer is filing Form 1099-INT to satisfy a chapter 4 account reporting requirement.
      • 2nd TIN Notice:  Check this box if notified by the IRS twice within 3 calendar years that the recipient provided an incorrect TIN.
    • Transaction Summary Tab:
      • Interest Income:  Enter interest not included in box 3. 
      • Early withdrawal penalty:  Enter interest or principal forfeited because of an early withdrawal. 
      • Interest on U.S. Savings Bonds or Treas. Obligations:  Enter interest on U.S. Savings Bonds, Treasury bills, Treasury notes, and Treasury bonds.
      • Federal income tax withheld:  Enter backup withholding.
      • Investment Expenses:  Enter any expenses related to investment.
      • Foreign Tax Paid:  Enter any foreign tax withheld and paid on interest.
      • Tax-Exempt Interest:  Enter interest of $10 or more that is credited or paid to the person's account if that interest is used to finance government operations and is issued by a state, the District of Columbia, a U.S. possession, an Indian tribal government, or a political subdivision.
      • Specified Private Activity Bond Interest:  Enter interest of $10 or more of interest from specified private activity bonds.
      • Market discount:  For a covered security acquired with market discount, if the taxpayer notified you that a section 1278(b) election was made, enter the amount of market discount that accrued on the debt instrument during the tax year in the amount of $10 or more. 
      • Bond Premium:  For a taxable covered security acquired at a premium, enter the amount of bond premium amortization for the tax year, unless you were notified in writing that the holder did not want to amortize bond premium under section 171.
      • Bond premium on Treasury obligations:  For a U.S. Treasury obligation that is a covered security, enter the amount of bond premium amortization allocable to the interest paid during the tax year, unless you were notified in writing that the holder did not want to amortize bond premium under section 171. If you are required to report bond premium amortization and you reported a net amount of interest in box 3, leave this box blank.
      • Bond premium on tax-exempt bond:  For a tax-exempt covered security acquired at a premium, enter the amount of bond premium amortization allocable to the interest paid during the tax year. If you reported a net amount of interest in box 8 or 9, whichever is applicable, leave this box blank.
      • State tax withheld (1):  Enter state income tax withheld. 
      • State tax withheld (2):  Enter state income tax withheld. 
  7. Click Save. 
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