Instructions For Forms 1099-Int And 1099-Oid

issued by an individual, interest on amounts from sources

Statements to recipients. If you are required to file

outside the United States paid outside the United States

Form 1099-INT, you must furnish a statement to the

by a non-U.S. payer or non-U.S. middleman, certain

recipient. For more information about the requirement to

portfolio interest, interest on an obligation issued by an

furnish an official form or acceptable substitute statement

international organization and paid by that organization,

to recipients, see part M in the 2015 General Instructions

and payments made to a foreign beneficial owner or

for Certain Information Returns. If you have furnished

foreign payee. See Regulations section 1.6049-5 for more

Forms 1099-INT to a recipient for amounts received

information.

during the year at the time of the transactions, such as you

Other exception. Do not report tax-deferred interest,

might have done for window transactions, do not include

such as interest that is earned but not distributed from an

these same amounts in a Form 1099-INT furnished to the

IRA.

same recipient for other payments during the year.

When is a payment made? Generally, interest is paid

Truncating recipient’s identification number on

when it is credited or set apart for a person without any

payee statements. Pursuant to Treasury Regulations

substantial limitation or restriction as to the time, manner,

section 301.6109-4, all filers of Form 1099-INT may

or condition of payment. The interest must be made

truncate a recipient’s identification number (social security

available so that it may be drawn on at any time and its

number (SSN), individual taxpayer identification number

receipt brought within the control and disposition of the

(ITIN), adoption taxpayer identification number (ATIN), or

person.

employer identification number (EIN)) on payee

statements. Truncation is not allowed on any documents

For payments made on obligations subject to

the filer files with the IRS. A payer's identification number

transactional reporting (for example, savings bonds,

may not be truncated on any form. See part J in the 2015

interest coupons, and other demand obligations), interest

General Instructions for Certain Information Returns.

is paid at the time the obligation is presented for payment.

For example, interest on a coupon detached from a bond

Account number. The account number is required if you

is paid when it is presented for payment.

have multiple accounts for a recipient for whom you are

For rules regarding when interest earned by a trust

filing more than one Form 1099-INT. The account number

interest holder (TIH) in a widely held fixed investment trust

is also required if you check the “FATCA filing

(WHFIT) is reportable, see Regulations section 1.671-5.

requirement” box. See FATCA filing requirement check

box, later. Additionally, the IRS encourages you to

Reporting interest and OID. If you are reporting

designate an account number for all Forms 1099-INT that

qualified stated interest and OID on any taxable

you file. See part L in the 2015 General Instructions for

obligation, you may report both the qualified stated

Certain Information Returns.

interest and the OID on Form 1099-OID. It is not

necessary to file both Forms 1099-INT and 1099-OID. On

FATCA filing requirement check box. Check the box if

Form 1099-OID, report the qualified stated interest in

you are a U.S. payor that is reporting on Form(s) 1099

box 2 and the OID in box 1 or 8. However, you may

(including reporting payments in boxes 1, 3, 8, 9, and 10

choose to report the qualified stated interest on Form

on this Form 1099-INT) as part of satisfying your

1099-INT and the OID on Form 1099-OID.

requirement to report with respect to a U.S. account for

chapter 4 purposes as described in Regulations section

Reporting interest and bond premium. For a covered

1.1471-4(d)(2)(iii)(A). In addition, check the box if you are

security acquired with bond premium, you must report the

an FFI reporting payments to a U.S. account pursuant to

amount of bond premium amortization for the tax year.

an election described in Regulations section 1.1471-4(d)

See Regulations section 1.6045-1(a)(15)(i)(C) to

(5)(i)(A).

determine if a debt instrument is a covered security.

However, in the case of a taxable bond, if you have been

2nd TIN not. You may enter an “X” in this box if you were

notified by the taxpayer that the taxpayer does not elect to

notified by the IRS twice within 3 calendar years that the

amortize bond premium, you must not report any amount

payee provided an incorrect taxpayer identification

of bond premium amortization. See Regulations section

number (TIN). If you mark this box, the IRS will not send

1.6045-1(n)(5).

you any further notices about this account.

If you are required to report the amount of bond

However, if you received both IRS notices in the same

premium amortization allocable to the interest, you may

year, or if you received them in different years but they

report either (1) a net amount of interest that reflects the

both related to information returns filed for the same year,

offset of interest by the amount of bond premium

do not check the box at this time. For purposes of the

amortization allocable to the interest or (2) a gross amount

two-notices-in-3-years rule, you are considered to have

for both the interest and the bond premium amortization

received one notice and you are not required to send a

allocable to the interest. For example, if a taxpayer

second “B” notice to the taxpayer on receipt of the second

receives $20 of taxable interest from a corporate bond

notice. See part N in the 2015 General Instructions for

and the amount of bond premium amortization allocable to

Certain Information Returns for more information.

the interest is $2, you may report $18 of interest income in

For information on the TIN Matching System

box 1 and $0 in box 11, or you may report $20 of interest

offered by the IRS, see Items You Should Note in

income in box 1 and $2 in box 11. For a noncovered

TIP

the 2015 General Instructions for Certain

security acquired with bond premium, you are only

Information Returns.

required to report the gross amount of interest.

-2-

Instructions for Forms 1099-INT and 1099-OID (2015)

Instructions For Forms 1099-Int And 1099-Oid - 2015 Page 2

Related Articles

Related forms

Related Categories