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gaby0725
New Member

FORM 1099 INT, DO I need to report interest income from my CDs?

 
3 Replies
Gordon9
New Member

FORM 1099 INT, DO I need to report interest income from my CDs?

Yes, you will need to report Form 1099 INT on your tax return.

ToddL99
Expert Alumni

FORM 1099 INT, DO I need to report interest income from my CDs?

If you received a Form 1099-INT, then you need to report the interest - even if it came from a CD where the interest remains in the CD account and compounds.

jbourvic
Level 2

FORM 1099 INT, DO I need to report interest income from my CDs?

All interest earned during the year is taxable for that year, whether or not you received a 1099-INT from the financial institution. A financial institution is only required to issue a 1099-INT if the amount of interest is equal to or greater than $10.00. The only exception to this is for US Savings Bonds. You can report the interest earned annually or at redemption.

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