I received a 1099-INT from the IRS?

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PluckyDucky
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I received a 1099-INT from the IRS?

Post by PluckyDucky »

I received a 1099-int from the IRS showing the IRS apparently paid me some interest in 2021.

But I did not receive any interest in 2021? Was it included with my refund?

I found https://www.irs.gov/newsroom/millions-o ... st-payment, so I assume it is for the same reason as 2020, as the 2021 filing deadline was also delayed. But I did not have a refund in 2020 but I did in 2021.
jebmke
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Re: I received a 1099-INT from the IRS?

Post by jebmke »

yes; it would have been included with your refund because it was paid late. The interest is taxable income and goes on your tax return like any other interest.
Don't trust me, look it up. https://www.irs.gov/forms-instructions-and-publications
H-Town
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Re: I received a 1099-INT from the IRS?

Post by H-Town »

Log in to your IRS account and view your transcript. It could be that you receive interest from the IRS and then your overpayment is applied to the next year. Hence you still receive interest but no refund.
Time is the ultimate currency.
runner3081
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Re: I received a 1099-INT from the IRS?

Post by runner3081 »

They still have a week to send it out.
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pokebowl
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Re: I received a 1099-INT from the IRS?

Post by pokebowl »

I received one of these as well and was confused as my tax transcripts show no change to account for the interest the IRS paid out.
Last edited by pokebowl on Mon Jan 24, 2022 4:58 pm, edited 1 time in total.
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Cheez-It Guy
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Re: I received a 1099-INT from the IRS?

Post by Cheez-It Guy »

Does anyone know (from previous years, I suppose) whether it is possible to download a PDF copy of the 1099-INT the IRS will send?

I have an IRS account and have even jumped though the ID.me hoops. I can see on my tax transcripts that I was credited interest as part of my (late) 2020 federal refund. I know I can scan the physical letter I will receive, but a clean, downloadable PDF would be preferable if such exists. I've searched the IRS site and done some cursory Googling without success.

Thanks in advance!
jebmke
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Re: I received a 1099-INT from the IRS?

Post by jebmke »

I think there is a separate section of the transcript system for various payer docs (W2 ....); I seem to recall that those aren't always available early in the season. Also not even sure if they are PDFs. I recall seeing printouts a taxpayer provided me for a prior year return I was helping with and those docs were obviously not PDFs - although you could probably "Print to PDF" if you wanted to.
Don't trust me, look it up. https://www.irs.gov/forms-instructions-and-publications
SnowBog
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Re: I received a 1099-INT from the IRS?

Post by SnowBog »

Cheez-It Guy wrote: Mon Jan 24, 2022 4:58 pm I know I can scan the physical letter I will receive, but a clean, downloadable PDF would be preferable if such exists.
If you can't find a digital version...

I typically use the Microsoft Office Lens app from my mobile device. It can de-skew images, clean them up, etc. so you have a very clean digital copy of an original document. With the right lighting conditions, good enough that I often use that vs. downloading a digital copy.

https://support.microsoft.com/en-us/off ... f8114f472a
Asyouwish
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Re: I received a 1099-INT from the IRS?

Post by Asyouwish »

Does anyone know (from previous years, I suppose) whether it is possible to download a PDF copy of the 1099-INT the IRS will send?

I have an IRS account and have even jumped though the ID.me hoops. I can see on my tax transcripts that I was credited interest as part of my (late) 2020 federal refund. I know I can scan the physical letter I will receive, but a clean, downloadable PDF would be preferable if such exists. I've searched the IRS site and done some cursory Googling without success.
The current year information reports (W-2, 1099 etc.) won’t be available for viewing in the transcript system until summer. Usually June or later. It will look the same as the prior year transcripts. So if you have access to transcripts, look at 2020 or 2019 “wage and income” transcripts. That’s what it will look like.

You need to wait for the IRS 1099 to be mailed to you.

Also, less than $10 might not generate a form.
MrJedi
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Re: I received a 1099-INT from the IRS?

Post by MrJedi »

Asyouwish wrote: Tue Jan 25, 2022 5:28 am Also, less than $10 might not generate a form.
That is my experience. I received $1.xx in interest from the IRS in 2020 due to a delayed refund and did not receive a form. While it can be easy and innocent to overlook a forgotten bank account somewhere that generated $1 in interest and miss it on the tax return, I made extra sure I remembered to include the interest from the IRS even without a form. Income from the IRS seems more likely to come into question if you forgot about it vs. income from the forgotten bank account, haha.
Last edited by MrJedi on Tue Jan 25, 2022 7:13 am, edited 1 time in total.
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Cheez-It Guy
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Re: I received a 1099-INT from the IRS?

Post by Cheez-It Guy »

SnowBog wrote: Tue Jan 25, 2022 12:17 am
Cheez-It Guy wrote: Mon Jan 24, 2022 4:58 pm I know I can scan the physical letter I will receive, but a clean, downloadable PDF would be preferable if such exists.
If you can't find a digital version...

I typically use the Microsoft Office Lens app from my mobile device. It can de-skew images, clean them up, etc. so you have a very clean digital copy of an original document. With the right lighting conditions, good enough that I often use that vs. downloading a digital copy.

https://support.microsoft.com/en-us/off ... f8114f472a
Thanks for the recommendation on Microsoft Office Lens. I have downloaded. Pretty cool!
w5000
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Re: I received a 1099-INT from the IRS?

Post by w5000 »

I just received a 1099-INT for 2021 from the IRS for "taxable interest paid to you during the calendar year by the IRS" and found this thread while trying to figure out why I got this form.

After jumping through the ID.me hoops to log into my IRS account, I found/realized that I did receive an interest payment from the IRS from my 2019 return. I filed before July 15, 2020, in October 2020 (after requesting an extension) and was due a refund. The amount direct deposited to my checking account in December 2020 was higher than the refund I was expecting by $20 or so. I never understood why until now, but my 2019 IRS account transcript shows the interest credited to my account.

Funny that the 1099-INT is for 2021 even though I received the interest in 2020.

Edit: on a closer look at my 2019 account transcript, I see that even though I got my refund plus interest in December 2020, the interest wasn't credited to my account until January 2021, so I guess it is technically 2021 income.
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