You get a form only if your account earned interest above a certain threshold

Banks and credit unions send you a Form 1099-INT (Interest Income) when the interest you earned in a calendar year reaches $10 or more. If your savings account earned less than $10 in interest, the bank does not send you a form, but you still owe tax on that interest — you just report it yourself on your tax return.

The $10 threshold applies to each financial institution separately. If you have savings accounts at two different banks and each earned $8 in interest, neither will send you a 1099-INT. But if one account earned $6 and another earned $5 at the same bank, the bank combines them and sends you a form because the total is $11.

The form arrives by January 31 of the year following the year the interest was earned. For example, interest you earned during 2024 appears on a 1099-INT you receive by January 31, 2025. The bank sends a copy to you and files a copy with the IRS, so the IRS already knows about your interest income before you file your return.

Key Takeaways

  • Form 1099-INT arrives only when interest earned in a calendar year reaches $10 or more at a single financial institution.
  • Interest below $10 is not reported on a form, but you still owe tax on it and must report it on your return.
  • The form arrives by January 31 and shows the exact amount of interest the IRS received a copy of.
  • High-yield savings accounts and money market accounts also generate 1099-INT forms when interest exceeds $10.
  • You need the 1099-INT to file your tax return accurately, so keep it with your tax documents.

Where to find your 1099-INT and what it shows

Your bank mails the 1099-INT to the address on file, or makes it available through your online banking portal. Check your bank's website first — most institutions now post tax forms in a dedicated section, often labeled "Tax Documents" or "1099 Forms," accessible through your account dashboard.

The form shows your name, Social Security number, the bank's name and tax ID, and the total interest earned during the year in Box 1. If you earned interest in a savings account, money market account, or certificate of deposit (CD), all of it appears on the same 1099-INT from that bank. Some banks also show state tax information in boxes at the bottom if you live in a state that taxes interest income.

Request a replacement copy immediately if you do not receive your 1099-INT by early February. Contact your bank's customer service and ask them to remail it or provide an electronic copy. The IRS deadline for filing is April 15, and you need the form to report the income correctly.

Interest income you must report even without a form

If your interest was below $10 and you received no 1099-INT, you still report it on your tax return. Write the amount on Schedule 1 (Form 1040), line 8, under "Interest." You can find the interest earned by logging into your bank account and reviewing your year-end statements or interest summary.

The IRS knows about interest income from 1099-INT forms filed by banks, but they do not automatically know about unreported interest below $10. However, if the IRS later audits your account or cross-references your bank records, they will see the interest and may assess penalties and interest on the unpaid tax. Reporting it when you file avoids this risk.

If you have multiple savings accounts at different banks, each earning interest below $10, add them all together and report the total. You do not need separate forms — one line on your return covers all interest income from all sources.

How interest income affects your taxes

Interest from savings accounts is taxed as ordinary income at your regular tax rate, which depends on your income bracket. A person in the 22% tax bracket who earned $100 in savings account interest owes approximately $22 in federal income tax on that interest alone. State income tax may apply as well, depending on where you live.

Interest income counts toward your total income for the year, which can affect other tax benefits. For example, if your interest income pushes you over certain thresholds, you may lose may be able to access for the Earned Income Tax Credit or have your standard deduction reduced. This is rare for most people, but it matters if you are close to an income limit.

If you are a dependent on someone else's tax return, your interest income may trigger a tax return requirement for you even if you have no other income. Generally, a dependent must file if their unearned income (interest, dividends, capital gains) exceeds $1,250 for 2024. Check the IRS website each year for the current threshold, as it changes annually.

High-yield savings accounts and money market accounts

High-yield savings accounts and money market accounts earn significantly more interest than traditional savings accounts, so you are more likely to receive a 1099-INT. An account earning 4% to 5% annual interest will almost certainly generate a form unless the account balance is very small.

The 1099-INT process works the same way: if interest reaches $10 or more in a calendar year, the institution sends you a form by January 31. The form shows all interest earned, regardless of how many times the bank credited it to your account. Some high-yield accounts credit interest monthly, but the 1099-INT shows the annual total in one number.

What to do if your 1099-INT has an error

If the interest amount on your 1099-INT is wrong, contact your bank immediately. Ask them to review the calculation and issue a corrected form (marked as a correction) if an error exists. The bank must send the corrected form to you and the IRS by January 31 of the following year if the error is caught in time.

If you discover an error after you have already filed your return, file an amended return (Form 1040-X) showing the correct interest amount. Attach a copy of the corrected 1099-INT or a letter from the bank explaining the error. The IRS will adjust your tax liability based on the correct amount.

If the bank refuses to correct an obvious error, file your return using the correct amount you can verify from your statements, and keep documentation of your dispute with the bank. The IRS can see both your return and the 1099-INT the bank filed, and if they differ, they will contact you to resolve it.

Frequently Asked Questions

Do I have to report interest if I earned less than $10?

Yes. The bank does not send a form, but you still owe tax on all interest earned. Report it on your tax return using your bank statements as proof of the amount. The IRS can see your bank records during an audit, so omitting it creates risk.

What if I have savings accounts at multiple banks?

Each bank sends a separate 1099-INT if interest at that bank reaches $10. You report all of them on your return. If you have accounts at three banks earning $8, $7, and $6 respectively, you report all three amounts but receive no forms — you calculate the total yourself from your statements.

Can I deduct savings account interest as a loss?

No. Interest income is always taxable; you cannot deduct it or offset it against other income. You report it in full on your return at your regular tax rate.

When do I need the 1099-INT to file my return?

You need it by April 15 (or your filing deadline) to report the interest correctly. If your bank is late sending it, contact them immediately. You can file using the amount from your statements and amend later if needed, but having the form prevents errors.

Does a joint savings account generate one 1099-INT or two?

One. The bank sends a single 1099-INT showing the account holder's name and Social Security number listed first on the account. If both owners need to report the interest, you must split it between you based on your ownership percentage and each report your share.