Interest payers (banks, savings and loans, insurance companies, etc.) report interest earnings to taxpayers on a:
A. Form W-2-INT.
B. Form 1099-INT.
C. Form 1099-INC.
D. Form 4070.
is it A
W2 is for wages
form 4070 is for tip income
I do not know what 1099-INC is
but it is pretty obvious what form 1099-INT is.
thank u
No, it is not option A.
The correct option is B. Form 1099-INT.
To report interest earnings to taxpayers, interest payers, such as banks, savings and loans, insurance companies, and other financial institutions, use Form 1099-INT. This form is issued to recipients who have earned $10 or more in interest income during the tax year. The interest income includes not only the interest earned on savings accounts, but also interest earned on certificates of deposit (CDs), bonds, loans, and other financial instruments.
When you receive this form, you must report the interest income on your income tax return.