The IRS recently released an update to Continuous Use Form 1099-INT. This form is used for reporting Interest Income to the IRS. Similar to other continuous use forms that have been updated recently, the 1099-INT has few changes to the form itself.
The Attention page at the beginning of the document has been updated with information about the 10-form threshold for mandatory electronic filing instituted for the 2023 tax year. Additionally, the “For calendar year” box has been changed similarly to other forms to have a fully blank space rather than “20___” to be filled in.
Box 7 has been updated to no longer say “Foreign country or U.S. possession” and now reads, “Foreign country or U.S. Territory”. This was also changed in the accompanying Instructions for Recipient section. Additionally, a new section has been added to the Instructions for Recipient referring to the Payer’s Routing Transit Number (RTN) which may be included in the Account Number field to identify the bank or financial institution where the account is held.
The final change is the removal of Copy C from the document along with the Instructions for Payer section. As with other continuous use forms recently released, both of these have been removed completely from the document available from the IRS online.
To view the complete updated document, click here.
