sparkle-illustration

Register for a NerdWallet account to access simple tax filing for a $50 flat fee, powered by 

ColumnTax Logo

What Is Form 1099-INT? How It Works, Who Gets One

If you received interest, you'll probably get a Form 1099-INT. Here's what Form 1099-INT means and what to do with it.
Tina Orem
By Tina Orem 
Updated
Edited by Chris Hutchison

Many or all of the products featured here are from our partners who compensate us. This influences which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money.

Nerdy takeaways
  • The 1099-INT is a type of IRS form that outlines how much interest an entity paid you throughout the year.

  • You might receive this tax form from your bank because it paid you interest on your savings.

  • You'll use the information on a 1099-INT to fill in certain fields of your federal income tax return.

Sometime in February, you might receive a 1099-INT tax form (or more than one) in the mail. You need to hang on to it because it can have a big impact on your tax life. Here's how Form 1099-INT works.

NerdWalletTaxes Logo

Simple tax filing with a $50 flat fee for every scenario

With NerdWallet Taxes powered by Column Tax, registered NerdWallet members pay one fee, regardless of your tax situation. Plus, you'll get free support from tax experts. Sign up for access today.

for a NerdWallet account

checkmark

Transparent pricing

Hassle-free tax filing* is $50 for all tax situations — no hidden costs or fees.
checkmark

Maximum refund guaranteed

Get every dollar you deserve* when you file with this tax product, powered by Column Tax.
checkmark

Faster filing

File up to 2x faster than traditional options.* Get your refund, and get on with your life.

*guaranteed by Column Tax

illustration

What is a 1099-INT tax form?

A 1099-INT tax form is a record that a person or entity paid you interest during the tax year. If you earned $10 or more in interest from a bank, brokerage or other financial institution, you’ll receive a 1099-INT.

Simply receiving this tax form doesn’t necessarily mean you owe taxes on that money. You might have tax deductions that offset the income, for example, or some or all of it might be sheltered based on characteristics of the asset that generated it. In any case, remember: The IRS knows about it.

What to do with a 1099-INT tax form

You use your IRS Form 1099-INT to help figure out how much income you received during the year and what kind of income it was. You’ll report that income in different places on your tax return, depending on what kind of income it was.

If you need help estimating how interest income on a Form 1099-INT could affect your tax bill, check out our free tax calculator.

NerdWalletTaxes Logo

Simple tax filing with a $50 flat fee for every scenario

With NerdWallet Taxes powered by Column Tax, registered NerdWallet members pay one fee, regardless of your tax situation. Plus, you'll get free support from tax experts. Sign up for access today.

for a NerdWallet account

illustration

What does my 1099-INT tax form mean?

If you received this tax form from a bank or other entity because you have investments or accounts that earned interest, you might also get a few other 1099 tax forms in the mail.

1099-DIV

The 1099-DIV reports dividends you received. This doesn’t include dividends on your share account at the credit union. The IRS considers those interest, so they appear on the 1099-INT.

1099-OID

You might receive Form 1099-OID if you bought bonds, notes or other financial instruments at a discount to the face value or redemption value at maturity. Typically, the instrument must have a maturity of more than one year.

1099-R

If you got distributions from a pension, retirement plan, profit-sharing program, IRA or annuity, you might receive a 1099-R. (Remember, many retirement plans are tax-advantaged, so this form might be simple record-keeping on behalf of the IRS.) If you took a loan from your retirement plan, you might have to treat it as a distribution, which means it might be on this form, too, as well as permanent and total disability payments under life insurance contracts.

Get more smart money moves – straight to your inbox
Sign up and we’ll send you Nerdy articles about the money topics that matter most to you along with other ways to help you get more from your money.