A 1099-INT tax form reports interest you received within a given tax year. If you earned any interest in 2022, you’ll likely receive a 1099-INT form at the beginning of 2023.
Most people receive a 1099-INT tax form when they earn interest from money stored in checking accounts, savings accounts, money market accounts, certificates of deposit, or other savings vessels that accumulate interest throughout the year.
Bank accounts aren’t the only way to earn interest. You may also receive a 1099-INT for investments that earned interest over the year, like brokerage accounts, bonds, stocks, index funds, and more.
Depending on your preferences, you may receive these tax forms in the mail or through your email. When you log onto your accounts, you may also be notified that your 1099-INT is ready to view. You may also receive additional tax forms for any investments, such as a 1099-DIV, 1099-R, or 1099-OID.
You’ll use the information on your 1099-INT form to determine how much interest you earned in a given tax year. You’ll need this information when filling out your tax return. While you can be taxed on any interest you earn, it doesn’t necessarily mean you’ll owe the IRS money. Your deductions and other tax breaks may offset the tax on your interest.