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Rose163
Level 1
01-23-2021
01:15 PM
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On the 1096 form, box # 5 is only interest rec'd correct??
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IRonMaN
Level 15
01-23-2021
01:41 PM
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Box 5 is the total of all of the 1099s submitted with the 1096.
Slava Ukraini!
qbteachmt
Level 15
01-23-2021
03:16 PM
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"box # 5 is only interest rec'd correct?"
No. It's going to be Total $ Out, not Received.
It's the Total of the one specific 1099 Form you are submitting per what you checked in Box 6. The total on the forms is going here. Think of the 1096 as a cover sheet.
You might be filling out 1099-Misc box 1 for Rent, for instance. If you were filling out for Rent paid to property owner(s), Box 5 still is the total on all the forms being included. It would be the total Rent paid out.
This assumes you are filling in 1099-Int to send to the parties you paid interest to, because, for instance, you are a reporting on behalf of a financial institution and you have people who are invested with you or otherwise loaned to you, so you have to pay them interest they earn from you.
You would not use this to report Interest Received. The person paying out interest (you) use this for reporting those payouts.
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