what is form 1099 int interest income 
form 1099 int is an internal revenue service irs tax form that reports interest income form 1099 int is issued by all entities that pay interest income to investors during the tax year it includes a breakdown of all types of interest income and related expenses payers must issue a 1099 int by jan 31 of the new year for any party to whom they paid at least 10 of interest during the preceding year one copy goes to the irs another copy is sent to the taxpayer who can file form 1099 int interest income amounts paid to taxpayers that must be reported on a 1099 int include much less common amounts that are recorded on form 1099 int also include interest income is any amount paid by banks investment houses mutual fund companies and financial institutions to account holders who deposit money into savings accounts investments and other interest paying ventures form 1099 int must be filed the interest paid is considered to be taxable income and must be reported to the irs on annual tax returns every year it s earned the interest paying entity must file a 1099 int on any interest over 10 paid during the year the form must be reported to the irs and sent to each interest recipient by jan 31 of each year 2the amounts and types of interest impact which tax form is to be used taxpayers who receive over 1 500 of taxable interest must list all of their payers on part 1 of schedule b on form 1040 form 1099 int will always report interest paid as cash basis income income that s owed but not yet paid can t be reported on this form 3taxpayers who receive form 1099 int may be required to report certain income on their federal tax returns taxable interest is taxed at the same rate as ordinary income at the same rate as an individual s salary or wages this excludes tax exempt income or income that is exempt at various tax reporting levels 4most interest income is reported on part 1 of schedule b interest and ordinary dividends the taxpayer must list their taxable income as part of a list of all forms of taxable interest this amount is aggregated and interest earned from series ee and series i u s bonds is excluded this new subtotal is reported on form 1040 line 2b 3interest is a component of a taxpayer s adjusted gross income agi when it s added to wages salaries tips and other forms of income 