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I cashed in some saving bonds on December 20, 2016. I never received a 1099-int form. Will I just claim the interest on next years taxes.
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I cashed in some saving bonds on December 20, 2016. I never received a 1099-int form. Will I just claim the interest on next years taxes.
No. You will need to report this year.
Any amount of income that is more than 49 cents is reportable and taxable.
If the amount is less than $10, the bank does not have to send you a 1099-INT, but you are required to report the income. You report it as if the bank had sent you a 1099-INT. Just put the bank name as the payer and put the interest in Box 1.
If your interest is more than $10, you will need to contact your financial institution and request the 1099-INT.
Included is a link on 1099-INT filing and tips:
- Mark as New
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I cashed in some saving bonds on December 20, 2016. I never received a 1099-int form. Will I just claim the interest on next years taxes.
No. You will need to report this year.
Any amount of income that is more than 49 cents is reportable and taxable.
If the amount is less than $10, the bank does not have to send you a 1099-INT, but you are required to report the income. You report it as if the bank had sent you a 1099-INT. Just put the bank name as the payer and put the interest in Box 1.
If your interest is more than $10, you will need to contact your financial institution and request the 1099-INT.
Included is a link on 1099-INT filing and tips: