1099-INTInterest Income
Reports interest earned from bank accounts, CDs, bonds, or other interest-bearing accounts.
Who needs to file this form
Banks, credit unions, and financial institutions send a 1099-INT if they paid you $10 or more in interest during the year. This covers savings accounts, money market accounts, certificates of deposit (CDs), and US savings bonds. Even if you didn't receive a 1099-INT (interest under $10), you must report all taxable interest.
Key Deadlines
Bank must send 1099-INT to you
January 31, 2027
Report on your tax return
April 15, 2027
Step-by-Step Filing Guide
Collect 1099-INTs from all financial institutions
Check every bank, credit union, brokerage, or platform where you hold funds. Each institution that paid $10+ in interest must send a 1099-INT. Don't forget high-yield savings accounts and money market funds.
Identify tax-exempt vs. taxable interest
Box 1 shows taxable interest. Box 8 shows tax-exempt interest (e.g., municipal bond interest) -- this may still need to be reported on your return but isn't subject to federal income tax. Box 13 shows bond premium adjustments.
Report on Form 1040
If total taxable interest is over $1,500, you must list it on Schedule B and carry the total to Form 1040, Line 2b. If $1,500 or less, enter directly on Line 2b. Tax-exempt interest goes on Line 2a.
Check for early withdrawal penalties
Box 2 shows any early withdrawal penalty (e.g., breaking a CD early). This amount is deductible as an adjustment to income on Schedule 1 of Form 1040, reducing your AGI.
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