06d – Form 1099-INT – Interest Income

📄 Form 1099-INT – Interest Income

Form 1099-INT is an IRS tax form used to report interest income you earned during the year. Banks, credit unions, brokerage firms, and other financial institutions issue it if they paid you $10 or more in interest.

🔍 Key Points

1️⃣ Who issues it?
• Financial institutions (banks, brokerages, credit unions, etc.).

2️⃣ Who receives it?
• Individuals or businesses that earned taxable interest.

3️⃣ What does it contain?
• Total interest income earned
• Tax-exempt interest (if any)
• Federal income tax withheld (if backup withholding applied)
• Early withdrawal penalties (if applicable)

4️⃣ When is it issued?
• Must be sent to taxpayers by January 31 of the following year.

5️⃣ Why is it important?
• You must report interest income on your Form 1040.
• The IRS receives a copy to verify your tax filing.

💡 Example:
If your savings account earned $250 in 2024 interest, your bank will send you a Form 1099-INT by January 31, 2025 to include in your 2024 tax return.

✅ Tip: Even if you don’t receive a 1099-INT (e.g., interest under $10), you are still required to report all taxable interest.