Creating and Filing a 1099-INT

This guide describes how to create and file a 1099-INT for an account.

Treasury Prime cannot advise on a customer's tax liability. If you have any questions, it is recommended that you consult a tax professional.

All third-party fees incurred in connection with generating and filing 1099-INTs on Treasury Prime's platform will be passed through to the customer.

This guide uses the following endpoints

To create and file a 1099-INT for an account

Make sure all interest transactions for the account are correctly categorized
Generate the 1099-INT
Verify the 1099-INT is ready for filing
File the 1099-INT

1. Make sure all interest transactions for the account are correctly categorized

To accurately generate the 1099-INTs, ensure that all relevant transactions are categorized as interest. For this, assign the category field on the transaction object as interest. Transactions can be assigned a category using a POST request to the /transaction/{id} endpoint.

2. Generate the 1099-INT

The /account/:account_id/tax_document endpoint can be used to generate the 1099-INT. The documents are generated asynchronously. A POST request to /account/{account_id}/tax_document will return a tax_document object in pending status.

Example request

curl --request POST \
     --url https://api.treasuryprime.com/account/acct_11j8m4cp2pyth/tax_document \
     --header 'content-type: application/json' \
     --data '
{
  "year": "2023",
  "type": "1099"
}
'

Example response

{
  "created_at": "2024-10-24T19:08:08Z",
  "updated_at": "2024-10-24T19:08:08Z",
  "account_id": "acct_11j8m4cp2pyth",
  "is_correction": false,
  "type": "1099",
  "year": "2023",
  "status": "pending",
  "id": "taxdoc_11khr0ve3vrg8"
}

Once the document has been generated the status of the tax_document object will be updated to ready_for_filing. Generating the 1099-INT does not automatically cause it to be filed with the appropriate tax authorities.

3. Verify the 1099-INT is ready for filing

To be notified of any changes in the status of a tax_document, register for the tax_document.update webhook. The status of the tax_document entry will update to ready_for_filing once the document has been generated. A GET call to /account/{account_id}/tax_document/{id} can be used to check the status of the document and obtain a URL where the document can be downloaded once it ready.

Example request

curl --request GET \
     --url https://api.treasuryprime.com/account/acct_11j8m4cp2pyth/tax_document/taxdoc_11khr0ve3vrg8

Example response

{
  "account_id": "acct_11j8m4cp2pyth",
  "is_correction": false,
  "type": "1099",
  "updated_at": "2024-10-25T20:46:04Z",
  "year": "2023",
  "status": "filed",
  "id": "taxdoc_11khr0ve3vrg8",
  "url": "https://api.treasuryprime.com/account/acct_11j8m4cp2pyth/statement/file_11khr0vt3vrgb",
  "created_at": "2024-10-25T20:45:34Z"
}

4. File the 1099-INT

Once you've verified the information on the 1099-INT is correct, the 1099-INT can be filed by updating the status of the document to filing. This can be done with a PATCH request to /account/{account_id}/tax_document/{id}

Example request

curl --request PATCH \
     --url https://api.treasuryprime.com/account/acct_11j8m4cp2pyth/tax_document/taxdoc_11khr0ve3vrg8 \
     --header 'content-type: application/json' \
     --data '
{
  "status": "filing"
}
'

Example response

{
  "created_at": "2024-10-25T21:01:31Z",
  "updated_at": "2024-10-25T21:01:57Z",
  "account_id": "acct_11j8m4cp2pyth",
  "is_correction": false,
  "type": "1099",
  "year": "2023",
  "status": "filing",
  "id": "taxdoc_11khr0ve3vrg8"
}

The 1099-INT will be filed asynchronously and the status of the document will update to filed once filing is complete.

Deleting an un-filed 1099-INT

If you find a problem with a 1099-INT that has not been filed yet the document can be deleted and generated again after the incorrect information has been corrected. The 1099-INT can be deleted with a DELETE request to /account/{account_id}/tax_document/{id}. Once a 1099-INT has been marked deleted it cannot be filed. After deletion a new 1099-INT can be generated for the account with a POST request to /account/{account_id}/tax_document.

Example request

curl --request DELETE \
     --url https://api.treasuryprime.com/account/acct_11j8m4cp2pyth/tax_document/taxdoc_11khr0ve3vrg8

Example response

{
	"created_at": "2024-10-24T19:08:08Z",
	"updated_at": "2024-10-24T19:13:51Z",
	"account_id": "acct_11j8m4cp2pyth",
	"is_correction": false,
	"type": "1099",
	"year": "2023",
	"status": "deleted",
	"id": "taxdoc_11khr0ve3vrg8"
}

1099-INT corrections

If a corrected 1099-INT is needed for an account, first correct the errant information used to generate the 1099. Make sure that the information on businesses and persons associated with the account is accurate and all relevant transactions are categorized as interest. Then the corrected 1099-INT can be created with a POST request to /account/{account_id}/tax_document. Set the is_correction parameter on that endpoint to true to indicate that the document being created is a correction. A new 1099-INT will be generated in pending status. When the new 1099-INT moves to ready_for_filing status the old 1099-INT for the account will move to corrected status.

Example request

curl --request POST \
     --url https://api.treasuryprime.com/account/acct_11j8m4cp2pyth/tax_document \
     --header 'content-type: application/json' \
     --data '
{
  "year": "2023",
  "type": "1099",
  "is_correction": true
}
'

Example response

{
  "created_at": "2024-10-24T19:08:08Z",
  "updated_at": "2024-10-24T19:08:08Z",
  "account_id": "acct_11j8m4cp2pyth",
  "is_correction": true,
  "type": "1099",
  "year": "2023",
  "status": "pending",
  "id": "taxdoc_11khr0ve3vaf3"
}