A 1099-INT form is a tax form used in the United States to report interest income earned from various sources. The form is typically issued by banks and other financial institutions to individuals who have earned interest income on their accounts throughout the tax year. It includes information such as the total amount of interest earned and, if applicable, any associated taxes that were withheld.
Yes, you generally need to report the information from your 1099-INT on your tax return. The interest income you receive is considered taxable income, and the IRS requires you to report it on your federal income tax return. Even if you don't receive a 1099-INT, you are still responsible for reporting all your interest income.
Please note: Box 1 of your 1099-INT shows how much interest income you were paid throughout the year, which you'll need handy when filing your return.
To learn more, please visit the IRS website here.