A 1099-INT tax form is a record that someone — a bank or other entity — paid you interest. If you earned more than $10 in interest from a bank, brokerage or other financial institution, you’ll receive a 1099-INT. You might receive this tax form from your bank because it paid you interest on your savings.
Where do I get a 1099-INT?
To get your interest earnings amounts, do one of these:
- Check your account statements.
- Call the organization that holds your money.
- Check the organization’s website — That may be where to find 1099-INT that you can request and/or downloadable statements.
What is interest income on a 1099 tax form?
This is one of several posts that will change that, and help you start to understand the multitude of tax forms. Form 1099-INT, Interest Income is the form where interest payments that were made to, or are assigned to you, are reported.
How to report tax exempt interest on 1099-OID?
Report interest that is taxable OID in box 1 or 8 of Form 1099-OID, Original Issue Discount, not on Form 1099-INT. Report interest that is tax-exempt OID in box 11 of Form 1099-OID, not on Form 1099-INT. Report exempt-interest dividends from a mutual fund or other regulated investment company (RIC) on Form 1099-DIV.
When do you have to file a 1099-INT?
That’s because each bank, financial institution or other entity that pays you at least $10 of interest during the year must prepare a 1099-INT, send you a copy by January 31 and file a copy with the IRS. The IRS uses the information on the 1099-INT to ensure you report the correct amount of interest income on your tax return.
Where to put exempt interest on 1099-DIV?
This amount is entered on Form 1040 in line 8b. Exempt-interest dividends received from mutual funds or RICs are on Form 1099-DIV (see the entry on Form 1099-DIV later in this series). Interest of USD 10 or greater from certain private activity bonds is reported in Box 9.
