Thread Options
#1898925 - 02/21/14 05:30 PM 1099 INT generation
EdieT Offline
Member
EdieT
Joined: May 2009
Posts: 76
PA
Please settle an argument (you know how argumentative us compliance types can be). Should our bank be generating 1099 INTs for a customer that has 4 interest bearing accounts that aggregate to $35 in interest even though each account is less than $10?

Return to Top
Deposits and Payments
#1898942 - 02/21/14 06:20 PM Re: 1099 INT generation EdieT
osucpa Offline
Diamond Poster
Joined: May 2011
Posts: 1,400
I assume the accounts have the same TIN. I would say yes

Return to Top
#1898955 - 02/21/14 06:38 PM Re: 1099 INT generation EdieT
bluesky Offline
Member
Joined: Jul 2005
Posts: 85
Yes, our bank would send a 1099Int for $35 and report that amount to the IRS. Our last 3 Core systems did it that way, aggregate of $10 Interest per SSN/TIN.

Return to Top
#1899003 - 02/21/14 07:22 PM Re: 1099 INT generation EdieT
EdieT Offline
Member
EdieT
Joined: May 2009
Posts: 76
PA
Thanks, I agree it should aggregate by SSN/TIN. And I am referencing a case where all 4 accounts have the same TIN. But other places have indicated it is by account number, so I was looking for the majority opinion. There was too long of a queue to speak with the IRS.

Return to Top

Moderator:  John Burnett