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Chriskoc0927
New Member

Just received 1099-INT from bank but no info on class action settlement checks. Do I still need to report it?

A few months ago I received a few settlement checks from my bank in regards to a class action lawsuit against them. The letters that came with the checks did not make mention of any interest or any money that might be owed. Then recently I got my 1099-INT from that bank and either one of them did not show up on it. I did have interest on something unrelated that has to be reported. So I'm confused on what to do. Can someone help?
6 Replies
HelenC12
Expert Alumni

Just received 1099-INT from bank but no info on class action settlement checks. Do I still need to report it?

Settlement money earns interest until you get the settlement money. The interest that is earned, must be reported to the IRS by the bank and by you, on your income tax return.

 

See Where do I enter Form 1099-INT?

 

Related information:

 

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Chriskoc0927
New Member

Just received 1099-INT from bank but no info on class action settlement checks. Do I still need to report it?

If there's no mention of how much interest was accrued on the 1099-INT, how do I report it other than with the amount of the check? I hope I don't sound dumb, I'm really just confused.

HelenC12
Expert Alumni

Just received 1099-INT from bank but no info on class action settlement checks. Do I still need to report it?

From the information you provided, "received 1099-INT", the 1099-INT form should have an amount in Box 1for the interest you received. 

 

If you didn't receive the 1099-INT form, wait until you receive it. You may also contact the bank or your legal representative for the information. 

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Chriskoc0927
New Member

Just received 1099-INT from bank but no info on class action settlement checks. Do I still need to report it?

I did receive a 1099-INT.  The only interest that is on it is from a savings bond that I cashed.  There is nothing else on it.

macuser_22
Level 15

Just received 1099-INT from bank but no info on class action settlement checks. Do I still need to report it?

If the income is more then 49 cents, you must report it.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
Chriskoc0927
New Member

Just received 1099-INT from bank but no info on class action settlement checks. Do I still need to report it?

Okay.

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