Instructions for Forms 1099-INT and 1099-OID - Introductory Material


Future Developments

For the latest information about developments related to Forms 1099-INT and 1099-OID and their instructions, such as legislation enacted after they were published, go to www.irs.gov/form1099int or www.irs.gov/form1099oid.

What's New

New reporting requirements.   There are new reporting requirements for a debt instrument that is a covered security under Regulations section 1.6045-1(a)(15)(i)(C) and that is acquired by a taxpayer with market discount, bond premium, or acquisition premium. See TD 9616, available at www.irs.gov/irb/2013-20_IRB/ar07.html. For more information, see the instructions for boxes 10 and 11 under Specific Instructions for Form 1099-INT and the instructions for boxes 5 and 6 under Specific Instructions for Form 1099-OID, later.

Reminders

General Instructions.   In addition to these specific instructions, you should also use the 2014 General Instructions for Certain Information Returns. Those general instructions include information about the following topics.
  • Who must file (nominee/middleman).

  • When and where to file.

  • Electronic reporting requirements.

  • Corrected and void returns.

  • Statements to recipients.

  • Taxpayer identification numbers.

  • Backup withholding.

  • Penalties.

  • Other general topics.

You can get the general instructions at www.irs.gov.form1099int or www.irs.gov/form1099oid or by calling 1-800-TAX-FORM (1-800-829-3676).

Nonresident aliens.

If you pay U.S. bank deposit interest of at least $10 to certain nonresident alien individuals, report the interest on Form 1042-S, Foreign Person's U.S. Source Income Subject to Withholding. To determine whether an information return is required for original issue discount, see Regulations 1.6049-5(f) and 1.6049-8(a). This interest may be subject to backup withholding. See the Instructions for Form 1042-S. Also see Rev. Proc. 2012-24, 2012-20 I.R.B. 913, available at www.irs.gov/irb/2012-20_IRB/ar11.html.


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