Is interest on checking and savings accounts taxable when no "1099-DIV" is sent ?

[kjohnson168]

If it isn't reported to the IRS, is that considered a "non-taxable" checking or savings account?

[AnnaB · Accepted solution]

Yes, interest income that is not specifically tax-exempt would be taxable on your return.  This includes interest on checking and savings accounts.

If the interest amount is over $10, the bank is required to issue a Form 1099-INT.  Even if you don't receive this form, you would still enter any interest income as if you had.  Interest from a checking and/or savings account would be reported in Box 1.

You should report all interest received on your tax return.

[kjohnson168]

Thanks so much!