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1099-INT
(redirected from Form 1099-INT)

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1099-INT
A form one must file with the IRS declaring all the interest one receives in a year from taxable investment vehicles held at a financial institution. This includes interest on corporate bonds, savings accounts, certificates of deposit, and so forth.

1099-INT
An annual statement to savers and the Internal Revenue Service that shows the amount of taxable interest payments received from an institution during the year. Interest included on 1099-INT forms includes interest paid on savings accounts, money market funds, interest-bearing checking accounts, and taxable bonds. Municipal bond interest is not included on a 1099-INT form.


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6045: * Form 1099-DIV, Dividends and Distributions; * Form 1099-INT, Interest Income; * Form 1099-MISC, Miscellaneous Income; * Form 1099-OID, Original Issue Discount; * Form 1099-PATR, Taxable Distributions Received from Cooperatives; * Form 1099-Q, Payments from Qualified Education Programs (Under Sections 529 and 530); * Form 1099-R, Distributions from Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc.
In my last column (November 2007), we discussed the definitions of "interest" and "bonus" under both deposit regulations and Internal Revenue Service (IRS) roles to determine what is reported to the IRS on a Form 1099-INT.
The deductible amount should appear under forfeited interest on Form 1099-INT from your bank.
 
 
 
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