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1099-INT Tax Information

1099-INT Tax Information

1099-INT Frequently Asked Questions

  1. Why did I receive an IRS Form 1099-INT from your office?
    If you filed a claim and collected unclaimed funds from the Ohio Department of Commerce, Division of Unclaimed Funds (“Division”) then, you may have been paid interest as part of your claim. The Division of Unclaimed Funds is obligated to annually report to the Internal Revenue Service (“IRS”) any interest payments made to claimants in the amount of $10.00 or more. You may be required to report this interest as income to the IRS. Please contact your tax preparer or the IRS at 866-455-7438 if you have questions about your particular filing requirements.
     
  2. I have already filed my taxes…
    Please contact your personal tax advisor or the IRS at 866-455-7438 to determine if you must file an amended income tax return.
     
  3. I did not receive a 1099 Form from your office, but I did collect unclaimed funds during the relevant tax year.
    Only claims on which $10.00 or more in interest was paid to a claimant are reported to the IRS.  If your claim did not include a payment of $10.00 or more in interest, then you will not receive a 1099 Form. If you were paid more  than $10.00 in interest but did not receive a 1099 Form or if you are uncertain about the amount of interest  you received as part of your claim payment, then please contact our office at 614-466-4433 immediately and a staff member will be happy to assist you.
     
  4. I did not collect unclaimed funds during the relevant tax year.
    The Division’s records show that you received payment on a claim to recover unclaimed funds during the relevant tax year. It is possible for a claimant to submit a claim to the Division the previous year and receive payment on the claim the following year. It is  also possible that a claimant has received the 1099 Form because he/she submitted a claim to the Division on  behalf of someone while acting as a power of attorney, Guardian, Executor, or Administrator of a probate estate.  For assistance or further clarification in these matters please contact our office at 614-466-4433.