Banks send you a 1099-INT only if you earned interest above a certain threshold

Most checking accounts do not generate a tax document. Banks only send you a Form 1099-INT (Interest Income) if the account earned $10 or more in interest during the year. If your account earned less than that, or if it earned no interest at all, you will not receive a 1099-INT from the bank.

The $10 threshold is set by the IRS and applies across all banks and financial institutions. Some banks may have their own internal rules and send a 1099-INT at a lower threshold, but they are not required to do so. If you are unsure whether your account crossed the $10 mark, check your year-end bank statement or log into your online banking portal to see the interest posted to your account.

A regular checking account that pays little or no interest—which describes most basic checking accounts today—will never trigger a 1099-INT. High-yield checking accounts, money market accounts, and savings accounts are more likely to generate one because they pay higher interest rates.

Key Takeaways

  • You receive a Form 1099-INT from your bank only if the account earned $10 or more in interest during the calendar year.
  • Most standard checking accounts earn no interest or very little interest, so they do not produce a tax document.
  • The bank mails or makes available the 1099-INT by January 31 of the following year, and also sends a copy to the IRS.
  • You must report the interest income on your tax return even if you do not receive a 1099-INT, though this is rare for amounts under $10.
  • Deposits, transfers, and regular account activity do not generate tax documents—only interest earned does.

When the bank sends you a 1099-INT and what it shows

If your checking account did earn $10 or more in interest, the bank will send you the 1099-INT by January 31 of the year following the tax year. For example, interest earned during 2024 will be reported on a 1099-INT you receive by January 31, 2025. The form shows the total interest paid to that account during the calendar year in Box 1.

The bank also sends a copy of the 1099-INT to the IRS under your Social Security number or tax ID. This means the IRS already knows about the interest income before you file your return. You must report this income on your tax return, typically on Schedule B (Interest and Ordinary Dividends) if you file Form 1040, or on the appropriate line of your state return if you file one.

You will receive the 1099-INT by mail or through your bank's online portal, depending on how the bank communicates with you. Check your account settings or contact the bank directly if you want to receive it electronically instead of by mail.

What does not generate a tax document from your checking account

Deposits you make into your checking account—whether from your paycheck, transfers from other accounts, or cash deposits—do not appear on any tax document from the bank. The bank does not report deposits to the IRS on your behalf. Your employer reports your wages on a W-2, and if you received other income, the person or business that paid you is responsible for reporting it, not your bank.

Transfers between your own accounts (checking to savings, for example) also generate no tax document. The IRS does not consider moving your own money around as income. Similarly, ATM withdrawals, debit card purchases, checks you write, and bill payments do not produce tax forms.

The only activity that triggers a tax document from a bank is interest earned on the account. Some banks also issue a Form 1099-OID (Original Issue Discount) if you hold certain types of bank products, but this is uncommon for standard checking accounts.

How to find interest earned if you did not receive a 1099-INT

If you think your account earned interest but you did not receive a 1099-INT, start by checking your bank statement. Look at the deposits posted to your account during the year—interest is usually labeled as "interest paid," "interest credit," or "APY earned." Add up all the interest deposits for the full calendar year.

If the total is $10 or more, contact your bank and ask for a 1099-INT. The bank is required to send one if the threshold was met. If the total is under $10, you still technically owe tax on it, but the bank is not required to report it to you or the IRS. You can report it yourself on your return if you choose, though the IRS rarely pursues amounts this small.

You can also log into your online banking portal and look for a year-end summary or interest statement. Many banks provide this automatically. If you cannot find the information, call the bank's customer service line and ask them to tell you the total interest earned on the account during the tax year.

Multiple accounts and multiple 1099-INTs

If you have more than one checking account at the same bank, or accounts at different banks, each account that earned $10 or more in interest will generate its own 1099-INT. You will receive a separate form for each account. When you file your tax return, you must add up the interest from all 1099-INTs and report the total on your return.

Some banks consolidate interest from multiple accounts into a single 1099-INT if the accounts are linked or held in the same name. Others send separate forms for each account. Check the forms you receive to make sure you are not double-counting interest from the same account.

If you opened or closed an account during the year, the bank will still report interest earned on that account for the portion of the year it was open. For example, if you opened a checking account on June 1 and it earned $15 in interest by December 31, you will receive a 1099-INT for that $15.

What to do with your 1099-INT when you receive it

Keep the 1099-INT with your tax records. You do not attach it to your return when you mail it in, but you should keep it for your records in case the IRS asks questions later. If you file electronically, you do not need to upload it either—the IRS receives its own copy directly from the bank.

Report the interest income on the appropriate line of your tax return. If you file Form 1040, this goes on Schedule B. If you file a state return, check your state's instructions for where to report interest income. Some states tax interest income; others do not.

If you received a 1099-INT but believe it is wrong—for example, the amount does not match your records—contact the bank immediately and ask them to issue a corrected form. The bank can send you a corrected 1099-INT (marked as a correction) and will also send a corrected copy to the IRS. Do this before you file your return if possible.

Frequently Asked Questions

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

Yes, you are required to report all interest income on your tax return, even if it is under $10 and the bank did not send you a form. However, the IRS rarely pursues amounts this small. If you earned interest and want to report it, add it to your return on the same line where you would report 1099-INT income.

What if my bank sent me a 1099-INT but I think the amount is wrong?

Contact your bank and ask them to review the calculation. Compare the form to your monthly statements and add up the interest deposits yourself. If there is a discrepancy, ask the bank to issue a corrected 1099-INT. They will send the corrected form to you and the IRS before the tax filing deadline.

Do I need a 1099-INT to file my taxes?

No. You can file your taxes without a 1099-INT if you earned less than $10 in interest. However, if you earned $10 or more, the bank will send you one, and the IRS will receive a copy. You must report the income on your return whether or not you have the form in hand.

Will my checking account activity show up on my tax return?

No. Deposits, withdrawals, transfers, and purchases do not appear on any tax document from your bank. Only interest earned generates a tax form. Your employer reports your wages on a W-2, and other income sources report what they paid you—not your bank.

What if I have a joint checking account—who gets the 1099-INT?

The bank will issue the 1099-INT to the primary account holder or to both account holders, depending on the bank's policy. Check with your bank about how they handle joint accounts. Both owners may need to report the interest income on their individual returns, or you may split it. Consult a tax professional if you are unsure how to report it.