Instructions for IRS Form 1099-INT, 1099-OID

IRS Form 1099-INT Interest Income IRS Form 1099-OID Original Issue Discount

This document contains official instructions for IRS Form 1099-INT , and IRS Form 1099-OID . Both forms are released and collected by the Internal Revenue Service (IRS), a subdivision of the U.S. Department of the Treasury. An up-to-date fillable IRS Form 1099-OID is available for download through this link.

FAQ

Q: What is IRS Form 1099-INT?A: IRS Form 1099-INT is used to report interest income received during the tax year.

Q: What is IRS Form 1099-OID?A: IRS Form 1099-OID is used to report the original issue discount on debt instruments.

Q: Who should receive a copy of these forms?A: Recipients of interest income or original issue discount should receive a copy of the corresponding form.

Q: When should these forms be filed?A: Both forms need to be filed with the IRS by January 31st of the following year.

Q: What information is required to complete these forms?A: You will need to provide the recipient's name, address, taxpayer identification number, and the amount of interest income or original issue discount.

Q: What should I do if I make a mistake on these forms?A: If you make a mistake on the forms, you should correct them and file the corrected forms with the IRS.

Q: Are there any penalties for not filing these forms?A: Yes, failure to file these forms or filing them late can result in penalties.

Q: Can I e-file these forms?A: Yes, you can e-file these forms if you have the necessary software or use the services of a tax professional.

Q: Do I need to include a copy of these forms with my tax return?A: No, you do not need to include a copy of these forms with your tax return, but you should keep them for your records in case of an audit.