When to Report Interest Income How to Report Interest Income Form

Instructions and help about When To Report Interest Income How To Report Interest Income

hello everyone so in this segment i wanted to go over the irs form 1099 int so the 1099 int is used to report interest income that was paid during the year right so this form is generally required when a payor so in this example it's discover bank it could be charles schwab any other bank or party that might pay you interest during the year they need to file this 1099 int form if they pay you more than ten dollars in interest during the year so that's the threshold right so if you get more than ten dollars in interest during the year from a single payor they're going to report this information on a 1099 int they're going to send you a copy and they'll send the irs a copy as well now for u.s taxpayers important note here just because you don't receive a 1099 int doesn't mean the income is not reportable so if for example you got four dollars in interest income during the year from somebody you might not get a 1099 but you still have to report the income right so if we flip back to uh 1