Form 1099-INT, Interest Income - Document Skill

The Form 1099-INT, Interest Income skill extracts data from Forms 1099-INT, which are used to report interest paid in the course of a trade or business. For interest related to securities transactions, the information provided may be different for covered or non-covered transactions:

For covered securities that were acquired at a discount or premium, the payer must either report the net interest amount or separately report the market discount and premium amortization amounts on the Form 1099-INT.
For non-covered securities, the payer is not required to provide information to the taxpayer on any discount or premium. Also, it is solely the responsibility of the taxpayer to account for those amounts on their tax return.

The Form 1099-INT, Interest Income skill is a preview skill. It has been trained on a limited set of documents and is designed to help you quickly get started with processing Forms 1099-INT. For production use, you may need to uptrain the skill with your own document samples. The Form 1099-INT, Interest Income skill recognizes handwritten text. The option is enabled by default. If you do not import handwritten forms, disable the Handwritten option in the skill settings.

Countries and Languages

Countries	Languages
USA	English

Extracted Fields

Basic Form Information

Field	Description
Void	Specifies that the processed form should be annulled.
Corrected	Specifies that the processed form is being submitted to correct data provided earlier.
Year	The reporting fiscal year.

Payer Details

Field	Description
Name	The name, address, and phone number of the payer.
Street	The name, address, and phone number of the payer.
City	The name, address, and phone number of the payer.
State	The name, address, and phone number of the payer.
ZIP Code	The name, address, and phone number of the payer.
Country	The name, address, and phone number of the payer.
Phone	The name, address, and phone number of the payer.

Tax Identification Numbers

Field	Description
Payer’s TIN	The tax identification number assigned to the taxpayer.
Recipient’s TIN	The tax identification number assigned to the recipient of the taxpayer’s payments.

Recipient Details

Field	Description
Name	The name and address of the payment recipient.
Street	The name and address of the payment recipient.
City	The name and address of the payment recipient.
State	The name and address of the payment recipient.
ZIP Code	The name and address of the payment recipient.
Country	The name and address of the payment recipient.

Account and Routing Information

Field	Description
Account Number	The unique number used by the taxpayer to identify the payment recipient.
FATCA Filing Requirement	Specifies that the Foreign Account Tax Compliance Act (FATCA) filing requirement is satisfied.
Payer’s RTN	Routing and transit number of the payer.

Interest Income Information

Field	Description
Interest Income	Specifies the taxable interest on the tax return.
Early Withdrawal Penalty	Represents any interest or principal forfeited because of early withdrawal of time savings.
Interest on U.S. Savings Bonds and Treasury Obligations	Specifies interest on U.S. Savings Bonds, Treasury bills, Treasury bonds, and Treasury notes. This may or may not all be taxable.
Federal Income Tax Withheld	The total amount withheld as federal income tax.
Investment Expenses	The share of non-taxable expenses incurred by a regulated investment company (RIC), proportional to the payment share of the recipient.

Foreign Tax Information

Field	Description
Foreign Tax Paid	The amount of taxes withheld in other countries on dividends and other payments (specified in USD).
Foreign Country or U.S. Possession	The name of the foreign country or United States Territory where the taxed amount specified in the Foreign Tax Paid field was withheld.

Tax-Exempt Interest

Field	Description
Tax-exempt Interest	The tax-exempt interest paid.
Specified Private Activity Bond Interest	Specifies tax-exempt interest subject to the alternative minimum tax. This amount is included in the Tax-exempt Interest field.

Market Discount and Bond Premium

Field	Description
Market Discount	Specifies the market discount that accrued on the debt instrument during the year.
Bond Premium	The bond premium amount for the year for covered taxable securities.
Bond Premium on Treasury Obligations	The bond premium for the year for covered U.S. Treasury securities.
Bond Premium on Tax-exempt Bond	The bond premium for the year for covered non-taxable securities.

CUSIP Information

Field	Description
Tax-exempt and Tax Credit Bond CUSIP Number	The CUSIP number of the tax-exempt bond for which tax-exempt interest is reported.

State Tax Information

Field	Description
State 1	State-specific payment information.
State 2	State-specific payment information.
State Identification Number 1	State-specific payment information.
State Identification Number 2	State-specific payment information.
State Tax Withheld 1	State-specific payment information.
State Tax Withheld 2	State-specific payment information.

Key Fields

Year
Payer Details/Name
Payer’s TIN
Recipient’s TIN
Recipient Details/Name
Account Number
Payer’s RTN
Interest Income
Early Withdrawal Penalty

Validation Rules

Rule	Description
Complete Form Year	Checks the value in the Year field. It removes any white spaces and converts a 2-digit year into a 4-digit format. If the last two digits are numeric and start with 9, it converts the value to the 1900’s (for example, 99 converts to 1999). Otherwise, it assumes the date is from the 2000’s (for example, 24 converts to 2024).

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​Countries and Languages

​Extracted Fields

​Basic Form Information

​Payer Details

​Tax Identification Numbers

​Recipient Details

​Account and Routing Information

​Interest Income Information

​Foreign Tax Information

​Tax-Exempt Interest

​Market Discount and Bond Premium

​CUSIP Information

​State Tax Information

​Key Fields

​Validation Rules