Interest Income

Interest Income

What is Interest?

Interest is money paid to you from interest rate earnings from investments such as bank accounts, mutual funds, and companies in which you own stock.

What Paperwork Do I Need?

Most interest income is reported on Form 1099-INT. However, you may find interest income on a consolidated broker’s or financial institution statement. You may not receive a Form 1099-INT if your interest income was less than $10.

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Note: Certain types of bond interest may be reported on a Form 1099-OID. This is different from Form 1099-INT and should be reported in the area where you are specifically asked about Form 1099-OID.

More Information

 – IRS Publication 550 – Investment Income and Expenses

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