The annual tax statement that you’re a given by your bank and saving institution that shows how much you were paid in interest from your account during the past income tax year. This for is call Form 1099-INT. Interest reported can be from savings accounts, interest-bearing checking accounts, and US Savings bonds. This form will also document the other income tax related items such as early withdraw penalties and federal tax withheld. Your financial institution will report all of this information to the IRS when they send you the tax Form 1099-INT
How to Get Your Form 1099-INT?
On January 1st of each calendar year all financial institutions will complete and post your copy of your 1099-INT to their website on your banks online banking account portal. You will need to log on to your online banking to download, review, and print the form for your records. Otherwise you will have to use your banks online portal to let them know you want to receive a paper copy in the mail. Your bank should keep the past five years of 1099-INT forms on their website for you. You will not receive a 1099-INT if the interest you accrued during the income tax year was less than $10. Also, you will need to sign up for your banks electronic statements to receive the form. If you do not use online banking with your financial institution then you will receive a copy of your current 1099-INT to file with your taxes by January 31st.
Thing You Need to Know
If you are a joint account holder, the 1099-INT will be in the primary account holders name to file for income taxes. If after reviewing your forms you find that any of your information is not correct, you will need to call your bank to have this fix the form and resubmit it to the IRS. Also, if you feel you should receive the 1099-INT form but didn’t, you will have to contact a representative at your bank to find out why you did not receive your tax form. You must a United States citizen to be eligible to file the 1099-INT form. Dividends paid out are not included on the 1099-INT form. For that you will receive a separate form called a 1099-DIV that will need to be filed with your income taxes as well. If you are not a US citizen then you will have to contact the IRS to find out how to file taxes.
Income tax time can be very confusing but there are resources that can help ease the stress. Form 1099-INT is used when it is time to file income taxes and the total amount of interest you have been paid will be added to your gross income for the current tax year. Be sure that you have all of your tax documents before your start your income tax filing so that your taxes will be complete and there will be no problems after all of your forms have been submitted.