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Level 2

Solved

If I can calculate how much interest I earned in my savings account without receiving my 1099-INT, do I still need to wait to receive it before filing my taxes?

Forum|Forum|2 years ago
January 29, 2024
2 replies
34 views

I’ve added the quarterly payments to get my total.

TurboTax Free Edition Online

Best answer by Carl

Expert Reviewed

No. The 1099-INT is not required to report interest income. Typically, banks will not even issue the 1099-INT for interest amounts of less than $10. But even then, one is still required to report it. If you'll note in the 1099-INT section of the program, all it asks for is the name of the institution that paid you the interest, and the amount they paid you. There's no need for a payer's EIN or anything else for that matter. (Not sure, but I don't think it even asks for the address of the payer either.)

Answer

Level 11

Expert Reviewed

No. The 1099-INT is not required to report interest income. Typically, banks will not even issue the 1099-INT for interest amounts of less than $10. But even then, one is still required to report it. If you'll note in the 1099-INT section of the program, all it asks for is the name of the institution that paid you the interest, and the amount they paid you. There's no need for a payer's EIN or anything else for that matter. (Not sure, but I don't think it even asks for the address of the payer either.)

jntexas02Author

Level 2

Thank you! I figured that was the case but didn’t want to miss something. I appreciate the quick reply!