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New Member
posted Mar 14, 2021 9:42:51 AM

The question is, Did you make any money from interest. How would I know? Also it says I might have a Form 1099-INT, but I only have the Form 1099-R. Are they the same?

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2 Replies
Level 1
Mar 14, 2021 9:53:37 AM

If you made money the bank would send you a 1099int each 1099 is for something different, The letter or letters after it tell you what it is for and as fill out your tax forms they will ask for what they need. Usually if you did not get one you don't need to worry about it.

Expert Alumni
Mar 14, 2021 9:55:06 AM

If you have a bank account that pays interest on any savings or other types of account, the bank will send you a 1099-INT if the amount is over $10. You can also look at your end of the year statement. It is taxable income, even if it is less than $10.

 

A 1099-INT and 1099-R are completely different. A 1099-R reports retirement income.