A 1099-INT is an IRS information return that reports interest income you earned during the year — from savings accounts, CDs, bonds, or brokerage cash. Banks and other payers send it when they pay you $10 or more in interest. You use Box 1 to report that interest on your federal tax return, and the IRS gets a matching copy.

Do I have to claim a 1099-INT on my taxes?

Yes. If you receive a 1099-INT, include the Box 1 amount on the taxable interest line of your Form 1040, and report any Box 8 tax-exempt interest on the tax-exempt interest line. The IRS receives its own copy, so leaving the interest off your return can trigger a matching notice or audit.

Do I have to report 1099-INT interest under $10?

Yes. The $10 threshold only governs whether a payer must send you a 1099-INT — it does not change your obligation. All taxable interest income is reportable on your return, even small amounts and even if you never received a form. Check year-end statements for interest that fell below the reporting cutoff.

Who receives a 1099-INT?

Anyone paid at least $10 of interest by a single payer during the year — typically from a bank, credit union, brokerage, or other financial institution. You may also get one for $600 or more of interest paid in a trade or business, or if federal tax was backup-withheld on your interest, regardless of the amount.

Where do I report 1099-INT on my tax return?

Report 1099-INT interest on Form 1040. If your total taxable interest exceeds $1,500, you must also file Schedule B (Part I) listing each payer. Box 1 goes to taxable interest, Box 3 to U.S. bond interest, Box 4 to federal tax withheld, and Box 8 to tax-exempt interest on the appropriate lines.

What is the difference between a 1099-INT and a 1099-DIV?

A 1099-INT reports interest income — money paid for lending, such as savings account or CD interest. A 1099-DIV reports dividend income from investments like stocks and mutual funds. They cover different income types and report on different lines, so don't confuse them; a brokerage may send you both.

Tax

Form 1099-INT

Form 1099-INT is the IRS information return that reports interest income paid to you during the tax year. Banks, credit unions, brokerages, and other payers issue it when they pay you $10 or more in interest. Box 1 shows the taxable interest you must report on your federal tax return.

Payers must file Form 1099-INT for each person paid at least $10 in interest reportable in boxes 1, 3, or 8 — or at least $600 of interest paid in the course of a trade or business.

Source: IRS — Instructions for Forms 1099-INT and 1099-OID

Written & maintained by the Granite team · Last updated June 2026

Overview

Form 1099-INT (Interest Income) documents the interest a financial institution paid you over the calendar year. The headline figure is Box 1, total taxable interest, but the form also breaks out early-withdrawal penalties, U.S. Savings Bond and Treasury interest, federal tax withheld, and tax-exempt interest.

Payers — banks, credit unions, brokerages, and anyone who paid you at least $10 in interest (or $600 in some business contexts) — must furnish your copy by January 31 and file a copy with the IRS. You, the recipient, use it to report interest income on Schedule B or directly on Form 1040.

When you’ll get your Form 1099-INT

A savings, checking, or money-market account paid you $10 or more in interest
You hold a certificate of deposit (CD) that accrued or paid interest
You earned interest on U.S. Savings Bonds or Treasury obligations
A brokerage swept idle cash into an interest-bearing account
You paid an early-withdrawal penalty on a CD (reported in Box 2 as a deduction)
Federal income tax was backup-withheld on your interest payments

What’s on your Form 1099-INT

These are the fields Granite reads and extracts automatically the moment you upload one.

Payer name: The bank, credit union, or brokerage that paid you the interest and issued the form.
Payer's TIN: The payer's federal tax ID number, used by the IRS to match the form to the institution.
Recipient name: The account holder the interest was paid to — your name as printed on the form.
Recipient's TIN: Your SSN or taxpayer ID, usually masked except for the last four digits.
Box 1 — Interest income: Total taxable interest paid to you during the year. This is the number you report on your return.
Box 2 — Early withdrawal penalty: Penalty charged for cashing out a CD early; deductible as an adjustment to income.
Box 3 — U.S. Savings Bond / Treasury interest: Interest on savings bonds and Treasury obligations, often exempt from state tax.
Box 4 — Federal income tax withheld: Any federal tax (typically backup withholding) already taken out of your interest.
Box 8 — Tax-exempt interest: Interest not subject to federal income tax, such as from municipal bond funds.

How long to keep it

At least 4 years; keep 7 if it ties to a deduction or carryforward

The IRS generally has 3 years to audit a return and 6 if income was understated by more than 25%. Because 1099-INT income is third-party reported, a mismatch is a common audit trigger — keep the form long enough to prove what you reported, and longer if Box 2's early-withdrawal penalty fed a deduction.

How Granite handles your Form 1099-INT

Drop your 1099-INT into Granite and it reads the form, pulls the payer name, tax year, Box 1 interest income, withholding, and tax-exempt amounts, then titles it automatically (e.g. "Chase 2024 1099-INT"). It files into your Tax {{year}} collection alongside your other interest statements and links to the issuing bank as an entity, so every form from that payer surfaces in one search — no folder hunting come April.

FAQ

Form 1099-INT: common questions

What is a 1099-INT?: A 1099-INT is an IRS information return that reports interest income you earned during the year — from savings accounts, CDs, bonds, or brokerage cash. Banks and other payers send it when they pay you $10 or more in interest. You use Box 1 to report that interest on your federal tax return, and the IRS gets a matching copy.
Do I have to claim a 1099-INT on my taxes?: Yes. If you receive a 1099-INT, include the Box 1 amount on the taxable interest line of your Form 1040, and report any Box 8 tax-exempt interest on the tax-exempt interest line. The IRS receives its own copy, so leaving the interest off your return can trigger a matching notice or audit.
Do I have to report 1099-INT interest under $10?: Yes. The $10 threshold only governs whether a payer must send you a 1099-INT — it does not change your obligation. All taxable interest income is reportable on your return, even small amounts and even if you never received a form. Check year-end statements for interest that fell below the reporting cutoff.
Who receives a 1099-INT?: Anyone paid at least $10 of interest by a single payer during the year — typically from a bank, credit union, brokerage, or other financial institution. You may also get one for $600 or more of interest paid in a trade or business, or if federal tax was backup-withheld on your interest, regardless of the amount.
Where do I report 1099-INT on my tax return?: Report 1099-INT interest on Form 1040. If your total taxable interest exceeds $1,500, you must also file Schedule B (Part I) listing each payer. Box 1 goes to taxable interest, Box 3 to U.S. bond interest, Box 4 to federal tax withheld, and Box 8 to tax-exempt interest on the appropriate lines.
What is the difference between a 1099-INT and a 1099-DIV?: A 1099-INT reports interest income — money paid for lending, such as savings account or CD interest. A 1099-DIV reports dividend income from investments like stocks and mutual funds. They cover different income types and report on different lines, so don't confuse them; a brokerage may send you both.

Sources

This page is checked against primary and authoritative sources:

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