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

Banks are required by the IRS to send you a Form 1099-INT when the interest paid to your checking account reaches $10 or more in a calendar year. If your account earned less than $10, the bank will not send the form, but you still owe tax on whatever interest you did earn — you just report it yourself on your tax return.

The $10 threshold applies to the total interest from that bank across all your accounts with them. So if you have a checking account and a savings account at the same bank, and together they earned $12 in interest, you will receive one 1099-INT covering both accounts combined.

Most checking accounts earn very little interest — often less than 1% annually — so many people never reach the $10 threshold. High-yield checking accounts, which currently pay between 4% and 5% APY, make it much more likely you will receive a 1099-INT.

Key Takeaways

  • Banks send a 1099-INT only when checking account interest totals $10 or more for the calendar year.
  • You must report all checking account interest on your tax return, even if you do not receive a 1099-INT.
  • The form arrives by January 31 of the following year, and the bank also sends a copy to the IRS.
  • If you receive a 1099-INT with an error, contact the bank immediately to request a corrected form.

When you will receive the 1099-INT in the mail

Banks must send you the 1099-INT by January 31 of the year following the one in which you earned the interest. So interest earned during 2024 will arrive on a 1099-INT by January 31, 2025. The bank also sends a copy directly to the IRS at the same time.

You may receive the form by mail or electronically, depending on how your bank communicates with you. Some banks allow you to download 1099-INT forms from your online account dashboard instead of mailing a paper copy. Check your bank's website or call to find out whether your form will arrive by mail or be available to download.

If you do not receive a 1099-INT by early February and you believe you should have, contact your bank's customer service. Provide them with your account number and ask them to confirm whether the interest earned was below $10 or whether the form is still being processed.

What to do if the 1099-INT shows the wrong amount

If the interest amount on your 1099-INT does not match your bank statements, contact the bank immediately. Ask to speak with someone in the accounting or tax department who can review your account history and issue a corrected form if needed.

The bank will send you a corrected 1099-INT, usually marked as a duplicate or correction. You will also receive a corrected copy sent to the IRS. Keep both the original and corrected forms for your records, and report the correct amount on your tax return.

If the bank takes more than a week to respond, escalate your request. Errors on 1099-INT forms can cause problems with the IRS if you report a different amount than what they received from the bank, so getting this fixed before you file is important.

Reporting checking account interest on your tax return

Interest from your checking account is taxable income. You report it on Schedule B (Interest and Ordinary Dividends) if you file a full tax return, or directly on Form 1040 if you use the simplified approach.

If you received a 1099-INT, use the amount shown in Box 1 of that form. If you did not receive a 1099-INT because the interest was under $10, add up the interest from your bank statements and report that total instead. Either way, the IRS expects to see this income reported.

The interest is taxed at your ordinary income tax rate, which varies based on your total income and filing status. Even small amounts of interest add up across multiple accounts, so track all interest-bearing accounts when you prepare your return.

Multiple banks and multiple 1099-INT forms

If you have checking accounts at more than one bank, you will receive a separate 1099-INT from each bank that paid you $10 or more in interest. You must report the interest from all of them on your tax return.

Add up the totals from each 1099-INT and report the combined amount on your tax return. The IRS will receive copies of all your 1099-INT forms and will cross-check them against what you report, so make sure your total matches the sum of all forms you received.

If you switch banks during the year, you may receive 1099-INT forms from both the old bank and the new one. Each covers only the interest earned while your account was active at that institution.

What happens if you earn interest but receive no 1099-INT

If your checking account earned interest but the total was less than $10, you will not receive a 1099-INT. You are still required to report that interest on your tax return. Look at your monthly bank statements and add up all the interest deposits for the year.

Report this amount on Schedule B or Form 1040, depending on which form you use. The IRS does not receive a 1099-INT in this case, but that does not mean the income is not taxable — it just means you are responsible for reporting it yourself.

Many people overlook small amounts of interest because no form arrives. Keeping a running total throughout the year makes it easier to remember what to report when tax time comes.

Interest from money market accounts and savings accounts

The same $10 threshold applies to interest from savings accounts, money market accounts, and other deposit accounts at the same bank. If your checking account and savings account together earned $10 or more, you will receive one 1099-INT that combines the interest from both.

The 1099-INT will show the total interest but may break it down by account type, depending on how the bank reports it. Report the total amount shown on the form on your tax return.

If you have accounts at different banks, each bank sends its own 1099-INT. You add all of them together when you report your total interest income.

Frequently Asked Questions

Do I have to report checking account interest if I did not get a 1099-INT?

Yes. The $10 threshold only determines whether the bank sends you a form — it does not determine whether the income is taxable. You must report all interest earned on your checking account, even if it was $5 or less and no 1099-INT arrived. Check your bank statements for the total.

What if my 1099-INT shows interest from an account I closed?

The 1099-INT covers interest earned up to the date you closed the account. That interest is still taxable income for the year you earned it, even though the account no longer exists. Report the amount shown on the form.

Can I deduct checking account fees against the interest I earned?

No. Interest is reported as gross income on your 1099-INT, and you cannot subtract fees or other charges against it on your tax return. You report the full interest amount as income.

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

Contact your bank and provide your current address. Ask them to confirm they have your correct mailing address on file and to resend the form if needed. You can also download the form from your online account if the bank offers that option.

Do joint checking accounts get one 1099-INT or two?

A joint account gets one 1099-INT, and the bank will list one owner's name and Social Security number on it. If you and the co-owner file separate tax returns, you will need to decide how to split the interest income between you, or contact the bank to request separate forms if they offer that option.