What is Form 1099-INT?

IRS Link to Form — Found Here

Interest income, such as that paid in certain bank accounts and government bonds, will be reported to the taxpayer and the IRS by the payer of the interest income.

Form 1099-INT is the form used by these businesses or entities to report the income. Interest income from bonds and interest-paying bank accounts, such as savings accounts, and certain investments, will be reported on Form 1099-INT. The payer of the interest will submit the form to the IRS even for very small amounts of interest payments.

A copy will also be sent to the account-holder or bond-holder. The investor or customer will use this form to make sure their other tax forms are compliant, but the individual does not have to submit the form on their own. Arrangements where interest is paid from individuals, rather than entities, are exempt from filing this form.

A similar form is the 1099-DIV | which reports dividend income from investments. The individual will need to file a Schedule B for their 1040 | or the equivalent for another form | if their interest income is over $1 | 500 for the | where they will list the sources of the income.