Why it matters
Interest income is taxable even when the form is not issued, but the form is the record the preparer uses. A missing form can leave interest off the return and create a mismatch with the IRS records.
Example
A client has a savings account that earned interest during the year. The bank sends Form 1099-INT, and the preparer reports the interest on Schedule B and the individual return.
Related terms
Questions about Form 1099-INT
Is interest under $10 taxable?
Interest is generally taxable even when the payer does not issue a form. The $10 threshold is a reporting rule, not an exclusion from income.
What is the difference between Form 1099-INT and Form 1099-DIV?
Form 1099-INT reports interest, such as bank or bond interest. Form 1099-DIV reports dividends and other distributions from investments.