There are many different 1099 forms that the IRS requires, probably one of the most popular forms is Form 1099-INT. But who should send out Form 1099-INT, you ask?
Luckily, I have the answer for you!
You should file Form 1099-INT for each person:
- To whom you paid amounts reportable in boxes 1, 3 and 8 of at least $10 (or at least $600 of interest paid in the course of your trade or business),
- For whom you withheld and paid any foreign tax on interest, or
- From whom you withheld (and did not refund) any federal income tax under the backup withholding rules regardless of the amount of the payment.
You should only report the interest payments that you made in the course of your trade or business, or if you are the assigned middle person.
I hope this narrows down if you need to file Form 1099-INT not.
Download E-File Magic’s Form 1099-INT Software Today!