Navigation:  Year-end Processing > Deposit Year-end > 1099-INT Processing

Note: If your institution does not service any deposit accounts or do not use GOLDPoint Systems to process and send deposit statements/forms to your borrowers, you can ignore this section.

 

1099-INT Interest Income

 

1099-INT forms are required for deposit account owners who earned interest on their deposit accounts. Government regulations require interest earned above $10 be reported to the IRS. However, we do have options to report interest for less than that (see Interest Limit option in the 1099 Interest Statement Options topic).

 

GOLDPoint Systems will have the 1099-INT forms available for qualifying vendors in GOLDView Plus in January. You will need to print those forms and send them to your account holders by the IRS deadline. GOLDPoint Systems will transmit the information to the IRS in March.

 

If you find any errors or discrepancies after December 31, 2020, you will need to use IRS GOLD to submit those corrections.

 

See 1099 Interest Statement Options for more options needed to process 1099-INTs successfully.

 

 

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