What Form 1099-INT Means and Why Your Bank Sends It

1099-INT is the form your bank sends to report interest you earned

Form 1099-INT is a tax document your bank or financial institution mails to you and the IRS when you earn interest on a savings account, money market account, certificate of deposit (CD), or other deposit account during the year. The form shows how much interest you received, and the IRS uses it to check that you reported that income on your tax return.

You will receive a 1099-INT if you earned $10 or more in interest during the calendar year. Some banks send them even for smaller amounts, but $10 is the threshold the IRS requires. The form arrives by January 31 of the following year — for example, interest you earned in 2024 appears on a 1099-INT you receive by January 31, 2025.

The 1099-INT is not a bill or a request for payment. It is straightforward a record of income. You must report the interest shown on your tax return, whether or not you receive the form.

Key Takeaways

• Your bank sends 1099-INT to report interest income of $10 or more that you earned during the year.
• The form arrives by January 31 and goes to both you and the IRS so the agency can verify your reported income.
• Interest from savings accounts, money market accounts, CDs, and similar deposit products all appear on 1099-INT forms.
• You must report the interest income on your tax return even if you do not receive the form or if the amount is below $10.

Where the interest amount comes from

Banks calculate the interest you earned by tracking your account balance throughout the year and explore the interest rate your account earns. The total is the amount shown on your 1099-INT. This is the gross interest — before any taxes or fees are taken out.

If your bank withheld federal income tax from your interest (which happens in certain situations, such as when you do not provide a valid tax ID), that withheld amount also appears on the form. The form shows both the total interest earned and any tax already withheld.

Multiple accounts and multiple 1099-INT forms

If you have more than one account at the same bank that earned interest, the bank may combine all the interest on a single 1099-INT or issue separate forms for each account. The practice varies by institution.

If you have accounts at different banks, each bank will send its own 1099-INT. You will receive one form from Bank A, another from Bank B, and so on. When you file your taxes, you add up the interest from all your 1099-INT forms and report the total on your return.

How to use 1099-INT when filing taxes

When you file your income tax return, you report the interest income shown on your 1099-INT on Schedule B (Interest and Ordinary Dividends) if you have more than $1,500 in total interest and dividends for the year. If you have less than that, you can report it directly on your Form 1040 without using Schedule B.

The IRS receives a copy of your 1099-INT at the same time you do, so the agency knows what interest you earned. If you do not report it on your return, the IRS will likely catch the discrepancy and send you a notice. This is why it is important to keep your 1099-INT forms and report all interest income, even small amounts.

What to do if you do not receive a 1099-INT

If you earned interest but did not receive a 1099-INT by early February, contact your bank. Ask whether the interest was below the $10 reporting threshold or whether the form was mailed to an old address. You can also log into your online banking account — many banks post 1099-INT forms there before mailing them.

Even if you never receive the form, you are still required to report the interest on your tax return. You can find the interest amount in your account statements or by calling your bank. Do not skip reporting it just because the form did not arrive.

1099-INT versus other income forms

Banks and financial institutions send different forms depending on the type of income. A 1099-INT reports interest. A 1099-DIV reports dividends from stocks or mutual funds. A 1099-OID reports original issue discount on certain bonds. If you have multiple types of investment income, you may receive more than one form.

All of these forms work the same way: they report income to you and the IRS, and you must include that income on your tax return. The form type depends only on what kind of income it is.

Frequently Asked Questions

Do I have to report interest if I earned less than $10?

Yes. The $10 threshold only determines whether your bank must send you a 1099-INT form. You are required to report all interest income on your tax return, regardless of the amount. If you earned $5 in interest, you still report it.

What if my 1099-INT shows the wrong amount?

Contact your bank when ready. Ask them to issue a corrected form, called an amended 1099-INT. Your bank will send the corrected form to you and the IRS. Do not file your tax return until you have the correct amount.

Can I get a 1099-INT for a joint account?

Yes. If the account is in both your names, the bank will issue the 1099-INT in both names or split the interest between you. Check with your bank about how they report joint account interest on tax forms.

What happens if the IRS receives my 1099-INT but I do not report the interest?

The IRS will notice the discrepancy between what you reported and what the bank reported. You will likely receive a notice asking you to explain the difference or pay additional tax on the unreported income, plus interest and penalties.