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2012 Instructions for Forms 1099-INT and 1099-OID 2012 Instructions for Forms 1099-INT and 1099-OID

2012 Instructions for Forms 1099-INT and 1099-OID 2012 Instructions for Forms 1099-INT and 1099-OID-2025

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The document provides detailed instructions for filing Forms 1099-INT and 1099-OID for the tax year 2012, including updates on truncating recipient identification numbers, changes in reporting exempt-interest dividends, and new boxes for state tax withholding. It outlines who must file these forms, the types of payments that need to be reported, exceptions to reporting requirements, and specific instructions for various scenarios involving interest income and original issue discount. Additionally, it emphasizes the importance of providing statements to recipients and includes guidelines for widely held fixed investment trusts (WHFITs) and real estate mortgage investment conduits (REMICs).

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What is the difference between a 1099-INT and a 1099-OID?

Form 1099-INT is issued to a taxpayer who receives $10 or more in interest income from a bank during the year. Form 1099-OID reports original issue discount and the list goes on. Get this report to learn more about these specific 1099 forms.

Will I get audited if I forgot a 1099-INT?

Chances are high that the IRS will catch a missing 1099 form. Using their matching system, the IRS can easily detect any errors in your returns. After all, they also receive a copy of your 1099 form, so they know exactly how much you need to pay in taxes.

Does a 1099-INT mean I owe money?

What is a 1099-INT? A 1099-INT tax form is a record that a person or entity paid you interest during the tax year. If you earned $10 or more in interest from a bank, brokerage or other financial institution, youll receive a 1099-INT. Simply receiving this tax form doesnt necessarily mean you owe taxes on that money.

What is the difference between a 1099 and a 1099-INT?

Types of 1099s The 1099 series of forms have different versions, each for a variety of purposes. The 1099-INT form is used to report interest income. Your bank or other financial institution might issue a 1099-INT form if you received interest income from a CD, or from a deposit account.

Do I need to report my 1099-INT?

If you receive a Form 1099-INT, youll need to include the amount shown in Box 1 on the taxable interest line of your tax return. Report any tax-exempt interest shown in Box 8 of the 1099-INT on the tax-exempt interest line of your tax return.

What happens if I didnt file my 1099-INT?

The IRS may charge penalties and interest beginning from the date they think you owe the tax. There are times when leaving a 1099 off of your tax return doesnt change it. And sometimes including a missing 1099 can actually reduce the tax that you owe. More on that later.

Is it mandatory to declare 1099-INT forms?

The Internal Revenue Service requires most payments of interest income to be reported on tax form 1099-INT by the person or entity that makes the payments. This is most commonly a bank, other financial institution or government agency.

Can I file without 1099-INT?

You must report all taxable and tax-exempt interest on your federal income tax return, even if you dont receive a Form 1099-INT or Form 1099-OID. You must give the payer of interest income your correct taxpayer identification number; otherwise, you may be subject to a penalty and backup withholding. Refer to Topic no.

2012 Instructions for Forms 1099-INT and 1099-OID 2012 Instructions for Forms 1099-INT and 1099-OID-2025

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