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1099-INT from the IRS

Kappaalex1
Level 2

My client received a 1099-INT from the IRS, is is safe to say it is reflecting interest paid to the taxpayer by the IRS and file the 1099 as ordinary interest income?

Please advise.

Thank you!

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8 Replies 8
dkh
Level 11

IRS was adding interest to tax refunds issued after April 15th, 2020 for 2019 tax returns.  Did your client have a refund due to them?  Did they receive more than was shown on the return?  

Kappaalex1
Level 2

The client had a refund due to them and they received it before 4/15/2020. It was the correct amount too.

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dkh
Level 11

How about a recently amended return? 

Kappaalex1
Level 2

There wasn’t a recent amendment. 

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Just-Lisa-Now-
Level 15
Level 15
was 2018 filed late, or a 2018 amendment?

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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Kappaalex1
Level 2

The one my client received is for over $600 and it is for calendar year 2020.

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Just-Lisa-Now-
Level 15
Level 15

@Kappaalex1 

So I just got one too, its got my business EIN on it, so Im guessing its for payroll ? Does your client have payroll?  Was a 941 amended during 2020?


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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Just-Lisa-Now-
Level 15
Level 15

"is is safe to say it is reflecting interest paid to the taxpayer by the IRS and file the 1099 as ordinary interest income?"

Yes, its treated just like any 1099INT you receive 


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪