Form 1099 - INT
What is the 1099-INT Form?
Form 1099-INT interest income is important to those who earn paid interest on savings accounts and U.S. Savings Bonds. The 1099-INT information is provided to both payee and IRS. Late in January, you may receive a 1099-INT Form from your bank or other financial institution reporting how much interest you have earned from your investment, savings account, money market account or treasury bond. It is legally required to be given to anyone who receives more than $10 on all accounts over the course of a tax year. Under certain exemptions, this can be stretched to $600. If you are a church or government(small or large) you do not need to worry about this form, as you are exempt from federal taxes.
This 1099 Form is intended to ensure that you report the correct amount of taxable interest income. The IRS also retains a copy, so it is in your best interest to include it in your stack of paperwork when visiting your tax preparer. You may receive a 1099-INT Form if you have received more than $10 in interest payments from your bank, though under certain exceptions the interest earned can be as high as $600.
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