I received a Form 1099-INT from IRS (2024)

FAQs

Why did I receive a 1099-INT from the IRS? ›

Other interest - Other interest paid to you by a business will be reported to you on Form 1099-INT if it is $600 or more. Examples include interest received with damages or delayed death benefits.

This is most commonly a bank, other financial institution or government agency. If you receive a 1099-INT, you may not have to pay income tax on the interest it reports, but you may still need to report it on your return.

The IRS 1099 Forms are a group of tax forms that document payments made by an individual or a business that typically isn't your employer. The business that pays the money fills out the form with the appropriate details and sends copies to you and the IRS. The form reports payments made during the tax year.

File Form 1099-INT, Interest Income, for each person: To whom you paid amounts reportable in boxes 1, 3, or 8 of at least $10 (or at least $600 of interest paid in the course of your trade or business described in the instructions for Box 1.

If you pay more tax than you owe, we pay interest on the overpayment amount. Underpayment and overpayment interest rates vary and may change quarterly.

If you receive a Form 1099-INT and do not report the interest on your tax return, the IRS will likely send you a CP2000, Underreported Income notice. This IRS notice will propose additional tax, penalties and interest on your interest payments and any other unreported income.

As per current laws, any earned interest exceeding $10 in an Individual, or Business, LLC account year will be reported to the IRS. At the beginning of each year, 1099-INT tax forms can be found by navigating to your Settings > Document downloads > Offering > Tax form.

A 1099-INT tax form is a record that a person or entity paid you interest during the tax year. If you earned $10 or more in interest from a bank, brokerage or other financial institution, you'll receive a 1099-INT. Simply receiving this tax form doesn't necessarily mean you owe taxes on that money.

How can we help? You should receive a Form 1099-INT Interest Income from banks and financial institutions if you earned more than $10 in interest for the year.

Disputing a 1099

If you receive an erroneous 1099, your first move should be to contact the issuer and ask for a corrected form. Be prepared to provide the issuer with proof of your assertion. If the issuer agrees with you, it can then file a corrected 1099 with the IRS, and you can put the matter to rest.

What if I received a 1099-MISC but I am not self-employed? ›

If you're not an employee of the payer, and you're not in a self-employed trade or business, you should report the income on line 8j of Schedule 1 (Form 1040), Additional Income and Adjustments to IncomePDF and any allowable expenses on Schedule A (Form 1040), Itemized Deductions.

If you have a 1099-NEC that is not self-employment income subject to self-employment taxes, you need to enter the income in Box 3 of a 1099-MISC instead of Box 1 of the 1099-NEC. If your income is not self-employment income, you do not need to use Schedule C to report business income.

Shows tax-exempt interest paid to you during the calendar year by the payer. See how to report this amount in the Instructions for Form 1040.

Regarding missing form 1099-INT, if you have interest income of at least $10, you'll usually receive a Form 1099-INT. However, if you don't receive the form, you must still report your interest income earned. To get your interest earnings amounts, do one of these: Check your account statements.

A 1099-INT is a form associated with a taxable account that generated at least $10 of interest during the tax year. Interest above $10 has to be reported to the IRS, so yes, you and the IRS both get a copy and you will have to pay a tax on that interest when you file your tax return.

1099-INT states how much interest you received in the last calendar year. 1099-INT is not a: Bill. Notice of an additional refund.

I received a Form 1099-INT after I filed my return. What do I do? If you received a Form 1099-INT after filing your return, you should file an amended federal and State return.

If you're getting a tax refund, the IRS might owe you interest if you don't get your refund within 45 days. In most cases, the interest starts accruing from the tax filing deadline. If you owe interest because of an IRS error or delay, you can file Form 843 to request a reduction of the interest.

Types of 1099s

The 1099 series of forms have different versions, each for a variety of purposes. The 1099-INT form is used to report interest income. Your bank or other financial institution might issue a 1099-INT form if you received interest income from a CD, or from a deposit account.