IRS Form Information Quiz

Where can you find more information about penalties related to IRS forms?

• IRS.gov/Form1099

• IRS.gov/TaxPenalties

• IRS.gov/InfoReturn

• IRS.gov/EmployerForms

What should you do if you have 10 or more information returns to file?

• File by mail

• E-file

• Use a tax consultant

• Visit the IRS office

Which box on Form 1099-INT is used to report early withdrawal penalties?

• Box 1

• Box 2

• Box 3

• Box 4

What is the purpose of Box 6 on Form 1099-INT?

• To report investment expenses

• To report foreign tax paid

• To report tax-exempt interest

• To report bond premium

What does Box 11 show for a taxable covered security?

• Amount of premium amortization allocable to interest payments

• Amount of interest paid on tax-exempt bonds

• Total tax credit allowed during the calendar year

• CUSIP numbers for tax-exempt bonds

What does Box 12 show for a U.S. Treasury obligation?

• Premium amortization allocable to interest payments

• Total interest paid on tax-exempt bonds

• CUSIP numbers for tax-exempt bonds

• Total tax credit allowed during the calendar year

What should be done if the amount in Box 12 is greater than the amount of interest paid?

• Report the excess as a nondeductible loss

• Report the excess as a deductible gain

• Ignore the excess

• Report the excess as a tax credit

What should you do if you are considered a nominee recipient?

• Complete a Form 1099-INT for each of the other owners

• Report the amount on Form 1040

• Ignore the nominee status

• Report the amount on Form 1096

What is the purpose of the Free File Program mentioned in the document?

• To provide free tax preparation and e-filing

• To offer free financial advice

• To provide free legal services

• To offer free credit reports

What should be done if the amount in Box 13 is greater than the amount of interest paid?

• Report the excess as a nondeductible loss

• Report the excess as a deductible gain

• Ignore the excess

• Report the excess as a tax credit