See Regulations section 1.6045-1(a)(15) to determine if a debt instrument is a covered security. Interest Income, later.įor a covered security acquired with bond premium, you must report the amount of bond premium amortization for the tax year. For information on credit allowance dates, see Interest to holders of tax credit bonds under Box 1. For example, interest on a coupon detached from a bond is paid when it is presented for payment.įor rules regarding when interest earned by a trust interest holder (TIH) in a widely held fixed investment trust (WHFIT) is reportable, see Regulations section 1.671-5.Ī credit allowed from tax credit bonds reportable on Form 1099-INT is treated as paid on the credit allowance date. Savings Bonds, interest coupons, and other demand obligations), interest is paid at the time the obligation is presented for payment. The interest must be made available so that it may be drawn on at any time and its receipt brought within the control and disposition of the person.įor payments made on obligations subject to transactional reporting (for example, U.S. Generally, interest is paid when it is credited or set apart for a person without any substantial limitation or restriction as to the time, manner, or condition of payment. Report exempt-interest dividends from a mutual fund or other regulated investment company (RIC) on Form 1099-DIV.įor a specified private activity bond with OID, report the tax-exempt OID in box 11 on Form 1099-OID, and the tax-exempt stated interest in boxes 8 and 9 on Form 1099-INT.
Report interest that is tax-exempt OID in box 11 of Form 1099-OID, not on Form 1099-INT. Report interest that is taxable OID in box 1 or 8 of Form 1099-OID, Original Issue Discount, not on Form 1099-INT.
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. Interest Income, later) įor whom you withheld and paid any foreign tax on interest orįrom whom you withheld (and did not refund) any federal income tax under the backup withholding rules regardless of the amount of the payment. To whom you paid amounts reportable in boxes 1, 3, or 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.
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