It’s true that tax season is one of the busiest ones for most individual tax filers as well as tax professionals. Everyone is rushing to collect all necessary documents and evidence for filing tax returns or claiming the tax credits.
As different people receive income from different sources, they are required to report all their income for accurate reporting and record.
Just like the employed individuals are running after getting the form W-2 to report the accurate income and taxes, non-employment-related income has to be reported by filing Form 1099. However, Form 1040 is mandatory for all tax filers, self-employed or salaried.
Whether you’re making money from dividends or interests, freelancing or self-employment, or having a small business, you must file Form 1099 when submitting your tax return. In this article, we will be talking about the Form 1099-INT specifically and how can a tax filer get his copy from the Bank of America.
So let’s get into it without any delay.
What Are Form 1099 and Form 1099-INT?
Form 1099 can be defined as the requirement put forward by the IRS to ensure that the tax filers are reporting their non-employment income in their records.
If we have to define the term in formal terms,
It’s a tax document that is required for the tax filers who have received certain types of payments during a tax year from a person or business other than their employer.
The IRS has outlined certain categories for filing Form 1099. Rental income, freelancing income, self-employment, independent contractor, investor, etc., are some examples of payments that come under the scope of Form 1099.
What Is Form 1099-INT?
Form 1099-INT is just another form 1099 that the IRS requires for tax filers receiving interest income from a person or business other than their employer.
We can formally define it as,
It’s a tax form 1099 that is required for the tax filers who have interest payments during a tax year from a person or business other than their employer.
The Form 1099-INT will report the income you received in lieu of tax, but it doesn’t mean that you owe any tax. The form has the TIN (Taxpayer Identification Number), and Social Security Number for IRS to track your interest income. The interest received by the tax filer can be from the bank, a company, or an individual.
Requirements To File Form 1099-INT
You must be wondering what the minimum requirements to be fulfilled before a taxfiler will receive a Form 1099-INT to be furnished with 1040 and tax return are.
According to the guidance of the IRS, any person receiving an interest income of more than $10 in a tax year will receive Form 1099-INT. The payment source can be a bank, financial brokerage, or any other financial institution in the same domain.
In more appropriate guidance, IRS states that Form 1099-INT is for each individual who:
- Received interest payments of more than $10 in a year
- Whose bank or financial brokerage firm withheld or paid a foreign tax on interest
- Whose bank or financial brokerage firm withheld federal income tax under backup withholding rules regardless of the amount paid.
IRS gives exemption of Form 1099-INT for the recipients of the interest payment if they are excluded from reporting.
The exempt recipients include medicare advantage MSA, Health Saving Accounts, individual retirement arrangements, tax-exempt organizations, a U.S. Agency, a state, brokers, nominal principal contract swap dealers, nominees, custodians, commodities or securities dealers (registered), etc.
Deadline for Filing Form 1099-INT
The Form 1099-INT is sent to the recipient of the interest by the respective institution(who paid the interest). The deadline for sending the Form 1099-INT to the eligible tax filers is January 31st.
In most cases, the Form 1099-INT is mailed by USA postal service before the deadline. The eligible tax filers would receive their Form 1099-INT by mid of February.
However, the due date to IRS is different. It’s the due date when the tax filers must report the income to the IRS and the tax return. The due date for the IRS is February 28th if you opt to file a paper return. For online tax filers, the due date is March 31st.
How To Fill Out Form 1099-INT?
Once you receive your copy of Form 1099-INT from the financial institution, you will be able to fill it. However, you will need guidance to understand the columns and information asked. Here is a quick description of what to report and how to fill out your Form 1099-INT:
- Name and address of the issuing institution(interest payer)
- Name and address of the tax filer(interest recipient)
- Tax Identification Number of Recipient
- Taxpayer Identification Number of Payer
- Social Security Number of Recipient
- Amount of Interest Paid by the Financial Institution
- Amount of interest that is tax-exempt.
- The amount of interest on U.S. saving bonds or treasury obligations that can be tax-exempt
- Any foreign tax paid
- Market discounts
- Bond premiums
- Bond premiums on tax-exempt bonds
- Federal income tax withheld
- State tax withheld
How Do I Get My Copy of Form 1099-INT From Bank of America?
If you are supposed to receive your Form 1099-INT from Bank of America, they will also follow the procedures outlined by the IRS.
If you have received 10$ or more interest from the bank, you will receive your 1099-INT from the Bank of America by mid-February or the end of January.
However, if you have opted the online banking and received 1099-INT online, you can sign in to your online banking to assess the Form 1099-INT. However, it’s only possible if you fulfill the basic requirements set by the IRS.
To get your copy of 1099-INT from Bank of America, follow these steps:
- Log in to your Online Banking.
- Go to Deposit Account and open the Statements And Documents Tab.
- Once in there, look for your Form 1099-INT, and download it.
Besides, you can find the exact amount of interest earned in previous years by clicking on Information & Services.
If you have not received your 1099-INT from Bank of America by mail until February 15th, contact their office to solve the query.
Can I File Without Form 1099-INT?
Ideally, every tax filer who has received an interest payment of more than $10 must receive it from the respective institution. However, if you haven’t received one, you must contact the issuer to resolve the situation and issue the Form 1099-INT.
Even if the correspondence also doesn’t help you, you can contact the IRS to inform them about the situation and seek their help regarding getting the information or duplicate 1099-INT.
However, if you know the exact amount of interest to be reported in income, you can still file your tax return without waiting for Form 1099-INT.
It’s not a necessary requirement to attach Form 1099-INT with the tax return. The copies are attached for double-checking. Therefore, you can file without Form 1099-INT if you have accurate information about the interest received.
Other Variations Of Form 1099 You Should Know!
The most common types of Form 1099 a tax filer might receive are as follows:
- 1099-R – Distributions from Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, Etc.
- 1099-DIV – Dividends and Distributions
- 1099-OID – Original Issue Discount
- 1099-MISC – Miscellaneous Information
- 1099-NEC –Nonemployee Compensation
- 1099-A – Acquisition or Abandonment of Secured Property
- 1099-B – Proceeds from Broker and Barter Exchange Transactions
- 1099-C – Cancellation of Debt
- 1099-G – Certain Government Payments
- 1099-K – Payment Card and Third Party Network Transactions
- 1099-Q – Payments from Qualified Education Programs
- 1099-QA – Distributions from ABLE Accounts
- 1099-S – Proceeds from Real Estate Transactions
- 1099-SA – Distributions from an HSA, Archer MSA, or Medicare Advantage MSA
- SSA-1099 – Social Security Benefit Statement
We have discussed everything that you must know about the filing and requirements of Form 1099-INT by the tax filers receiving the interest income.
Now you know how you can get your 1099-INT from the Bank of America or any other financial institution that is supposed to issue you the Form 1099-INT. If you have any questions, just post them here, and we will try to answer them in a complete blog post.