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New Member
posted May 9, 2021 4:32:39 PM

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

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3 Replies
Level 2
May 9, 2021 4:41:35 PM

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

Expert Alumni
May 9, 2021 4:43:14 PM

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.

Level 3
May 9, 2021 4:53:47 PM

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.