What a 1099-INT Form Is and Why Your Bank Sends It

A 1099-INT reports interest your bank paid you during the year

A 1099-INT is a tax form your bank or financial institution sends you when you earn interest on a deposit account. It shows how much interest you made that year — whether from a savings account, money market account, certificate of deposit (CD), or other interest-bearing account. The IRS gets a copy too, so the interest you report on your tax return needs to match what the form says.

You will receive a 1099-INT if you earned $10 or more in interest during the calendar year. Some banks send them anyway even if the amount is less, but $10 is the threshold where they are required to. The form arrives by January 31 each year, covering all the interest paid from January 1 through December 31 of the previous year.

Key Takeaways

• A 1099-INT shows the total interest you earned on deposit accounts during the year and is sent by your bank by January 31.
• You must report the interest shown on your 1099-INT when you file your tax return, even if the amount is small.
• The form includes your name, Social Security number, the bank's name, and the exact dollar amount of interest earned.
• If you receive a 1099-INT but did not earn that much interest, or if the amount is wrong, contact your bank to request a corrected form.

Where the 1099-INT comes from and what it includes

Your bank generates the 1099-INT automatically based on the interest posted to your account during the year. If you have multiple accounts at the same bank, you may receive one form per account or one combined form — this varies by institution. If you bank at more than one place, you will receive a separate 1099-INT from each bank.

The form itself contains several pieces of information: your name and Social Security number, the bank's name and tax ID number, the calendar year covered, and the total interest paid. Some 1099-INT forms also show U.S. savings bond interest or other types of interest income, depending on what accounts you hold. The bank keeps a copy and sends copies to you and the IRS.

How to use your 1099-INT when filing taxes

When you file your federal income tax return, you report the interest shown on your 1099-INT as income. On the IRS Form 1040, interest income goes on Schedule 1 (Additional Income and Adjustments to Income), which then feeds into your overall income calculation. If you use tax software, you enter the amount from Box 1 of the 1099-INT, and the software routes it to the correct line.

The interest you earn is taxable income at your ordinary income tax rate — it is not taxed as capital gains or at a lower rate. Even small amounts of interest must be reported. If you earned interest from multiple banks, you add up all the 1099-INT forms and report the total.

What to do if your 1099-INT is wrong or missing

If the amount on your 1099-INT does not match what you think you earned, or if you believe the form contains an error, contact your bank's customer service or the department that handles tax forms. Ask them to review the interest posted to your account during that calendar year. If an error is found, the bank will issue a corrected 1099-INT, usually marked as a "corrected" form.

If you earned interest but did not receive a 1099-INT by early February, reach out to your bank. They may have the wrong mailing address on file, or they may not have sent it yet. If you earned less than $10 in interest, the bank is not required to send one, but you still must report that interest on your tax return if you earned any.

Interest income from different account types

Savings accounts, money market accounts, and CDs all generate 1099-INT forms when interest is paid. High-yield savings accounts, which pay more interest than traditional savings accounts, also produce a 1099-INT. The form does not distinguish between account types — it straightforward reports the total interest from all your interest-bearing accounts at that bank.

Interest from regular checking accounts is rare but possible if your bank offers interest-bearing checking. Brokerage accounts that hold cash or money market funds may also generate 1099-INT forms, though some brokerage interest appears on a different form called a 1099-OID (Original Issue Discount). Your bank or brokerage will tell you which form applies to your account.

How 1099-INT affects your tax liability

The interest you report from your 1099-INT is added to your other income and taxed at your regular income tax rate. If you earned $500 in interest and you are in the 22 percent tax bracket, that interest adds roughly $110 to your tax bill (before credits and deductions). The more interest you earn, the more tax you owe on it, unless you have other deductions or credits that offset it.

If you earned a very small amount of interest — say $15 — you still report it, but it may not change your tax liability much, especially if you have other deductions. However, the IRS matches the 1099-INT your bank sends them against what you report on your return, so leaving it off can trigger a notice or audit.

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 still required to report any interest you earned, no matter how small, on your tax return. If your bank did not send a form, you can find the interest amount in your account statements.

What if I moved during the year and my 1099-INT went to the wrong address?

Contact your bank and provide your current address. They can reissue the form or confirm they sent it to the address on file. If the form was mailed to an old address, ask the bank to send a duplicate to your current location. You need the form to file your taxes accurately.

Can I claim the interest I earned as a deduction?

No. Interest income is taxable income, not a deduction. You report it as income on your tax return, which increases your tax liability. There is no deduction for interest you earned on your own accounts.

What if I have a joint account — do both people get a 1099-INT?

Usually only one 1099-INT is issued per account, and it goes to the primary account holder or the person whose Social Security number is listed first. If you are a joint owner and need your own copy for tax purposes, contact your bank. You and your joint owner will need to decide how to split the interest income on your tax returns.

Does a 1099-INT show interest from CDs that matured during the year?

Yes. If a CD earned interest and that interest was paid out during the calendar year, it appears on your 1099-INT for that year. If the CD matured but you rolled it into a new CD without withdrawing the interest, the interest is still reported on the 1099-INT for the year it was credited to your account.