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InfoSight Highlight: IRS Form 1099-INT
Friday, December 15, 2017 7:00 AM

IRS Form 1099-INT must be filed for each person for whom the credit union pays $10 or more in interest during the calendar year. Although federal (and many state-chartered) credit unions pay members “dividends” by definition, for purposes of IRS information returns, credit union dividends are treated as “interest” and must be reported to the government each year on IRS Form 1099-INT.

Form 1099-INT must be filed for: 1) each person that paid at least $10 in interest or dividends and 2) each person from whom federal income tax was withheld under the backup withholding rules, regardless of the amount withheld.

As is the case with most other IRS information returns, a 1099 must be delivered to each affected member by Jan. 31 following the tax year reported. Copies must be delivered to the IRS by Feb. 28 for paper, and magnetic by April 2 if filing electronically.

Credit unions can file for an automatic extension of time to file their 1099-INT forms with the IRS by filing IRS Form 8809. The extension will only apply to filing with the IRS, so credit unions must still deliver a 1099-INT to each affected member by the Jan. 31 deadline.

Source:  InfoSight Compliance.

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