It is common to notice a difference between the interest shown on your monthly statements and the total on your 1099-INT. While it may look like a discrepancy, it is usually due to how interest is reported versus when it is "paid out" to your viewable balance.
The Key Difference
Monthly Statements: Show interest that was posted to your account during that specific statement cycle.
1099-INT: Reports the total interest earned during the calendar year (January 1 – December 31) across all your accounts (CDs, HYSA, and MMDA).
Why the Totals May Vary
The difference typically comes down to the timing of when interest is documented:
Certificates of Deposit (CDs): Interest on a CD accrues (is earned) daily, even if it isn't "paid" until the CD matures. Your 1099-INT includes all interest earned through December 31, even if that interest hasn't appeared on a monthly statement yet because the CD hasn't matured.
High-Yield Savings (HYSA) & Money Market (MMDA): Interest is typically shown on your statements as it is earned. However, if you close an account mid-year, the interest earned in that final month will be on your 1099-INT but will not appear on any statements for the remainder of the year.
Closed Accounts: If you closed an account earlier in the year, you might forget to include that interest when looking at your year-end statements for your active accounts. Your 1099-INT automatically consolidates interest from both active and closed accounts.
Which document should I use for taxes?
Always use your 1099-INT for tax filing. The 1099-INT is the official record provided to the IRS. While monthly statements are great for tracking your balance, they are not tax documents.
Note: Raisin cannot provide tax advice. If you have specific questions about how your interest affects your tax liability, we recommend consulting a qualified tax professional