Yes, Box 1 of Form 1099-INT reports the taxable amount of interest to a payee. This box includes amounts $10 or greater paid to an individual's savings account, bank deposits, dividends paid by a life insurance company, and a variety of other interest. This box also includes interest of $600 or more paid in the course of a trade or business.
Per the IRS instructions for Form 1099-INT, File Form 1099-INT for each person:
To whom you paid amounts reportable in boxes 1, 3, and 8 of at least $10. For whom you withheld and paid any foreign tax on interest.
Even if you did not receive a Form 1099-INT, or if you received interest under $10 for the tax year, you are still required to report any interest earned and credited to your account during the year. The interest earned is entered in the Investment Income section of the program.
Click here for Form 1099-Int instructions.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
