Tag Archives: 1099-INT

Different Types of 1099 Forms

There are many different Form-1099s that you may encounter when tax season rolls around. Some of the most common include: 1099-A: If your mortgage lender cancels some or all your mortgage, or your home was sold in a short sale, you’ll likely receive a 1099-A. Because the IRS considers canceled debt to be equivalent to […]

Tax season can be complicated: From the math, to the organization of documents, to the filing of the forms. The IRS has over 900 different tax forms available to taxpayers when filing their returns. Generally, the average taxpayer doesn’t have to worry about a majority of the forms. Ten of them are relatively common, and […]

The Form-1099 Explained

This tax season, you may receive a Form 1099 in the mail, specifically if you performed work outside your typical employer. You’ll need this document to file your tax return, so it’s important you store it in a safe place until you have everything you need to complete your return. What is a 1099? This […]

Any interest paid to you or credited to an account is considered taxable income when you can withdraw the amount without facing any penalties. It becomes taxable the year in which it is available to you. Sometimes, interest you receive may be considered tax-exempt. You’ll receive a Form 1099-INT or Form 1099-OID if you have […]

What is a 1099-INT?

A form 1099-INT reports all taxable interest you receive. You are required to report the amount on your federal tax return, regardless of whether or not you have to pay tax on the interest. You aren’t required to attach copies of the 1099-INT to your tax return, as long as you report the information. Understanding […]