On what year's 1040 is interest from a 1-year CD reported?

[Taxtony]

I opened a 1-year CD in February 2018 and the interest is payable upon maturity in February 2019. The bank informed me I wouldn't get a 1099-INT until the CD matured. My question is: When is the interest reportable on my IRS Form 1040? On my 2018 Federal tax return OR on my 2019 return? 

[KatrinaB · Accepted solution]

It will be reported on your 2019 tax return. That is the year it is actually earned.

[Taxtony]

Thank you. This is what I had heard informally, but initially viewed the advice skeptically as I always assumed the interest accrued during calendar year 2018 was reportable on my 2018 1040. I subsequently read that would be the case ONLY if I had access to the interest during 2018 -- in other words, if the interest was payable monthly, quarterly, etc. Thank you for confirming that the interest is reportable in 2019, when the 12-months is up and the interest becomes available to me.

[VolvoGirl]

Whenever the bank reports it.  Most of my CDs report the interest each year.  Some only report it when it matures.

[KatrinaB]

You're welcome!