What it is:
Interest is. The Form 1099-INT shows how much interest a person earned from an institution in a . The requires brokerage firms, banks, mutual and other financial institutions to file Form 1099s on interest they pay during the (the minimum interest paid to trigger a Form 1099-INT is $10).
How it works (Example):
Let's say that John Doe has a savings account at Bank XYZ. The bank account pays him interest of $200 per . The bank creates and sends a Form 1099-INT to John (and the ) reflecting his $200 of interest . John uses that information to report that income on his IRS Form 1040 at the end of the tax year.
Why it Matters:
Form 1099-INT is an IRS form used to report interest .