Banks send a 1099-INT only if your checking account earned $10 or more in interest during the year

A 1099-INT is a tax form that reports interest income. Your bank will mail or email you one if the interest paid to your checking account reached $10 or more in a calendar year. If you earned less than $10, the bank is not required to send the form, though you still owe tax on whatever interest you did earn.

Most checking accounts earn little or no interest, so most people never receive a 1099-INT for checking. High-yield checking accounts, money market accounts, or savings accounts linked to your checking can trigger the form. The threshold of $10 applies to the total interest from that single bank across all your accounts with them—not $10 per account.

You will receive the 1099-INT by January 31 of the year following the year the interest was paid. The bank sends copies to you and to the IRS, so the IRS already knows about the income whether or not you report it.

Key Takeaways

  • Your bank sends a 1099-INT only if interest paid to your account totaled $10 or more during the calendar year.
  • The $10 threshold is per bank, not per account, so interest from all your accounts at one bank counts together.
  • You receive the form by January 31, and the IRS receives a copy at the same time.
  • Interest under $10 is not reported on a 1099-INT but is still taxable income you must report on your tax return.
  • The form shows the account number, the bank's name and tax ID, and the exact dollar amount of interest earned.

How the $10 threshold works across multiple accounts

If you have a checking account and a savings account at the same bank, the interest from both accounts combines toward the $10 threshold. If checking earned $6 and savings earned $5, the total is $11, and you will receive a 1099-INT. If you have accounts at two different banks, each bank tracks its own threshold separately—one bank's $8 does not combine with another bank's $7.

Some banks offer tiered interest rates or promotional rates for checking accounts. If your bank paid you $12 in interest over the year through a combination of regular interest and promotional bonuses, all of it counts toward the $10 threshold and will appear on the 1099-INT.

What information appears on the 1099-INT

The 1099-INT shows your name, address, and Social Security number; the bank's name and tax identification number; your account number; and the total interest paid in box 1. If you earned interest from multiple accounts at the same bank, the form typically shows the combined total rather than a breakdown by account.

Some 1099-INTs include additional boxes for U.S. savings bond interest (box 3) or early withdrawal penalties (box 4), but a standard checking or savings account interest report uses box 1. The form also shows the year the interest was paid, not the year you received the form.

Reporting the interest on your tax return

You report the amount from box 1 of your 1099-INT on Schedule B (Interest and Ordinary Dividends) if you have more than $1,500 in total interest and dividends for the year. If your total interest and dividends are $1,500 or less, you can report the interest directly on line 2b of Form 1040 without filing Schedule B.

The IRS matches the 1099-INT it receives from the bank against your tax return. If you do not report the interest, the IRS will likely notice the mismatch and may send you a notice or bill. Reporting the interest, even if it is a small amount, prevents this problem.

What to do if you do not receive a 1099-INT

If you earned $10 or more in interest and did not receive a 1099-INT by early February, contact your bank directly. Ask whether the form was mailed to an outdated address or if there was an error in the bank's records. You can request a corrected form or a duplicate copy.

If the bank confirms it did not send a form because it did not track the interest correctly, ask for a written statement of the interest paid. You can use that statement to report the income on your tax return even without the official 1099-INT form. Keep records of all interest paid to you so you can verify the amount if the IRS questions it later.

Interest under $10 and your tax obligation

Interest under $10 is not reported on a 1099-INT, but you are still required to report it as income on your tax return. If your checking account earned $7 in interest, you owe tax on that $7 even though you will not receive a form from the bank.

You can find the exact interest earned by checking your year-end account statement or logging into your online banking portal. Most banks show interest paid in a summary section or in the transaction history. Write down the amount and report it on your tax return in the same way you would report interest from a 1099-INT.

Corrected or amended 1099-INT forms

If your bank made an error on the 1099-INT—for example, reporting $150 when you actually earned $105—the bank will send you a corrected form, usually marked as a "Corrected 1099-INT." This corrected form is also sent to the IRS. Use the corrected form when you file your tax return, not the original.

If you already filed your return using the incorrect amount, you will need to file an amended return (Form 1040-X) once you receive the corrected 1099-INT. The amended return ensures your tax record matches what the IRS has on file from the bank.

Frequently Asked Questions

Do I owe taxes on the interest shown on my 1099-INT?

Yes. The interest is taxable income and must be reported on your tax return. The amount of tax you owe depends on your overall income and tax bracket, but you cannot exclude it just because it is a small amount.

What if I moved and the bank sent the 1099-INT to my old address?

Contact your bank and provide your current address. Ask them to send you a duplicate 1099-INT or confirm they have sent a corrected form to the IRS with your updated address. You can also file your tax return using the interest amount from your account statement if you do not have the physical form.

Can I get a 1099-INT for interest I earned before opening a checking account?

No. The 1099-INT reports interest paid during the calendar year to accounts you held during that year. Interest earned before you opened the account is not included.

If I have a joint checking account, who gets the 1099-INT?

The bank typically sends the 1099-INT to the primary account holder listed on the account. Both account holders should report their share of the interest on their individual tax returns, even if only one receives the form. Coordinate with your co-owner to avoid both reporting the full amount.

What happens if my bank does not send a 1099-INT but I earned more than $10 in interest?

Contact the bank immediately and ask why the form was not sent. If the bank confirms it made an error, request a corrected 1099-INT. If you cannot get the form, report the interest on your tax return using your account statement as proof, and keep that statement in case the IRS asks for documentation later.