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A 1099-INT form will show how much interest a financial institution has paid you over the course of the year. The form is sent at the end of the year and is used for filing your taxes.
Function
The 1099-INT form lists all of your taxable interest for the year so that you can report it correctly on your taxes. The form also shows whether you have any tax-exempt interest, such as from certain state and municipal bonds that you do not have to pay taxes on.
Size
You receive a 1099-INT form if you earn at least $10 of interest from the financial institution.
Time Frame
All Form 1099-INTs must be mailed by your financial institution by the end of January. Therefore, if you have not received your form by early February, you should contact your financial institution.
Uses
You should attach your form 1099-INT to your tax return to verify the amount of interest you report on your taxes. Interest income is added to your earned income for tax purposes.
Tax Forms
If you have more than $1,500 in interest from all of your financial institutions combined, you must file using Form 1040 and attach Schedule B to show where your interest came from.
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