Tax glossary

Form 1099-INT

Form 1099-INT — what it means, how it works, and a real example, explained without the jargon.

What is Form 1099-INT?

The 1099-INT reports interest income of $10 or more — typically from a bank, credit union, or brokerage.

How it works

Each payer sends one by January 31 showing the interest they credited you. You add it to your return, and if your total interest tops $1,500 you also list it on Schedule B.

A quick example

A high-yield savings account that paid $640 in interest generates a 1099-INT; that $640 is ordinary income taxed at your regular rate.

What people get wrong

Interest from a savings account is fully taxable even if you never withdrew it — the tax is due the year it's credited, not the year you spend it.

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Frequently asked questions

What does Form 1099-INT mean?

The 1099-INT reports interest income of $10 or more — typically from a bank, credit union, or brokerage.

How does Form 1099-INT work?

Each payer sends one by January 31 showing the interest they credited you. You add it to your return, and if your total interest tops $1,500 you also list it on Schedule B.

What's the most common mistake with form 1099-int?

Interest from a savings account is fully taxable even if you never withdrew it — the tax is due the year it's credited, not the year you spend it.