You'll need to sign in or create an account to connect with an expert.
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:
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.
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.
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.
If the income is more then 49 cents, you must report it.
Okay.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
mpapadop
Level 1
ARJ428
Returning Member
DonnaTahoe1
New Member
sandyreynolds
Level 1
darichmond23
New Member