The attached files are samples of the 2011 E-File Magic Version of the 1099-INT and 1099-OIDs form. These forms are used by both the corporate efile service E-File Magic software and our processing bureau when preparing your data for mailing.

Excerpt: Section references are to the Internal Revenue Code unless otherwise noted.

"Specific Instructions for Form 1099-INT

File Form 1099-INT, Interest Income, for each person:

1. 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 described in the instructions for Box 1. Interest Income on page 2),
2. For whom you withheld and paid any foreign tax on interest, or
3. From whom you withheld (and did not refund) any federal income tax under the backup withholding rules regardless of the amount of the payment.

Report only interest payments made in the course of your trade or business including federal, state, and local government agencies and activities deemed nonprofit, or for which you were a nominee/middleman.  Report tax-exempt interest on Form 1099-INT.  You do not need to report tax-exempt interest that is original issue discount (OID).  Report interest that is taxable OID in box 1 or 6 of Form 1099-OID, Original Issue Discount, not on Form 1099-INT.  Report exempt-interest dividends from a mutual fund or other RIC on Form 1099-DIV.

Specific Instructions for Form 1099-OID

File Form 1099-OID, Original Issue Discount, if the original issue discount (OID) includible in gross income is at least $10 and you are any of the following:

• An issuer with any bond outstanding or other evidence of indebtedness in registered or bearer form issued with OID;
• An issuer of a certificate of deposit (CD) made, purchased, or renewed after 1970 if the CD has OID and a term of more than 1 year;
• A financial institution having other deposit arrangements, such as time deposits or bonus-savings plans, if the arrangements have OID and a term of more than 1 year;
• A broker or other middleman holding an OID obligation, including CDs, as nominee for the actual owner;
• A trustee or middleman of a WHFIT or widely held mortgage trust (WHMT); or
• A real estate mortgage investment conduit (REMIC), a holder of an ownership interest in a financial asset securitization investment trust (FASIT), or an issuer of a collateralized debt obligation (CDO).

Also, file Form 1099-OID for any person for whom you withheld and paid any foreign tax on OID or from whom you withheld (and did not refund) any federal income tax under the backup withholding rules even if the amount of the OID is less than $10."

Download our 1099-INT and 1099-OID software!

E-File Magic also offers software for: Form 1097-BTC, Form 1098, Form 5498, Form 3922, Form 3921, and Form W-2G.