Form 1099-INT: Interest Income
Report interest income of $10 or more paid to recipients during the year from bank accounts, bonds, and other interest-bearing investments.
Filing Deadline
February 28 (paper) or March 31 (electronic)
Threshold
$10 or more in interest
Payers
Banks, brokers, investment firms
Overview
Form 1099-INT is used by banks, brokers, and other financial institutions to report interest income paid to account holders. Interest from savings accounts, CDs, bonds, and other interest-bearing investments must be reported if it totals $10 or more for the year.
This form helps the IRS track interest income and ensures taxpayers properly report it on their tax returns. Different types of interest (taxable, tax-exempt, etc.) are reported in different boxes.
Who Must File
Required Filers
- •Banks and financial institutions
- •Brokerage firms and investment companies
- •Paid $10+ in interest during the year
- •Withheld and paid any foreign tax on interest
Exceptions & Notes
- ✕Interest on IRAs or other tax-deferred accounts
- ✕Interest credited to a suspended or insolvent financial institution
Form Structure & Instructions
Here's what information is required in each section:
Interest Income Boxes
Various types of interest income
Important Filing Notes
Low Threshold
Only $10 in interest triggers reporting requirement, making this one of the lowest thresholds for any 1099 form.
Tax-Exempt Interest
Box 8 reports tax-exempt interest which isn't taxable but must still be reported on tax returns for informational purposes.
Early Withdrawal Penalties
Box 2 penalties reduce your taxable interest and are deductible on your tax return even if you don't itemize.
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