1099-INT form confusion - should I use identification # or actual name of the payer?

Thanks so much for clarifying! So even though the letter from the IRS shows the ID number prominently, I should still be using the actual business name in the payer field? The software I'm using (TaxSlayer) has separate entries for both, but I wasn't sure if they wanted the name exactly as shown on the 1099-INT or if I should use the common name I know the business by.

You should use the exact business name as shown on the 1099-INT form itself. The name on the form is the official name registered with the IRS, so that's what you want to enter in your software. For the identification number, enter it exactly as shown in the payer's TIN field (usually a 9-digit number). TaxSlayer has fields for both pieces of information because both are required for accurate tax filing and matching in the IRS systems.

How does the system handle it if the name on my 1099-INT is slightly different than how the institution brands itself? My credit union uses their shortened name for marketing but the full legal name on tax docs.

Sounds interesting but I'm skeptical. Does it actually work with all tax software or do you have to use their system for everything? I'm already halfway through with TurboTax and don't want to start over.

For credit unions with different marketing vs. legal names, the system recognizes both in most cases. It pulls the exact legal name from the document for IRS matching purposes, which is what you need for accurate filing. That's what makes it so helpful with these form inconsistencies. You can still use your existing tax software like TurboTax. It works as a separate tool that extracts the information, then you can transfer that information to whatever tax program you're already using. I was about 70% done with my return when I found it, and just used it for the remaining documents including some investment forms that were confusing me.

Wait I'm confused. So this service somehow gets you to the front of the IRS phone queue? How is that even possible when I can never get through?

Yeah right. Nothing gets you through to the IRS faster. They're deliberately understaffed and impossible to reach. This sounds like just another way to waste money on false promises.

It doesn't put you at the front of the line - that wouldn't be fair to others waiting. The service basically holds your place in the queue and does the waiting for you. They use an automated system that stays on hold so you don't have to, and when a human IRS agent finally answers, it calls your phone and connects you. No magic tricks involved - you're still waiting your turn, but the difference is you're not physically tied to your phone for hours. You can go about your day, and they call you when an agent is actually on the line. Totally changed how I deal with the IRS.

Does this apply to banks that got bought out too? I have a 1099-INT from FirstBank but they were acquired by Regional Financial Group halfway through the year. The form still has the old name but when I call customer service they answer with the new name.

Absolutely! In the case of bank acquisitions, you should always use whatever name is printed on the actual 1099-INT form, regardless of what they're currently calling themselves. The IRS systems will be looking to match the name and EIN as reported by the financial institution on their end. In your specific situation with FirstBank being acquired by Regional Financial Group, if your 1099-INT shows FirstBank as the payer, use that exact name in your tax return. The IRS matching system works based on what was officially reported, not the current branding of the company.

Yes! This happened to me with H&R Block's software! It pre-filled Chase bank info but the EIN was wrong because apparently Chase had updated their corporate structure or something. Took me forever to figure out why I kept getting a mismatch error.