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Is interest on checking and savings accounts taxable when no "1099-DIV" is sent ?

Forum|Forum|7 years ago
June 5, 2019
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If it isn't reported to the IRS, is that considered a "non-taxable" checking or savings account?

Best answer by AnnaB

Yes, interest income that is not specifically tax-exempt would be taxable on your return. This includes interest on checking and savings accounts.

If the interest amount is over $10, the bank is required to issue a Form 1099-INT. Even if you don't receive this form, you would still enter any interest income as if you had. Interest from a checking and/or savings account would be reported in Box 1.

You should report all interest received on your tax return.

A

AnnaBAnswer

Employee

Yes, interest income that is not specifically tax-exempt would be taxable on your return. This includes interest on checking and savings accounts.

If the interest amount is over $10, the bank is required to issue a Form 1099-INT. Even if you don't receive this form, you would still enter any interest income as if you had. Interest from a checking and/or savings account would be reported in Box 1.

You should report all interest received on your tax return.