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Reporting my income from my Savings Account

Posted on 02/24/2007 12:36:36 PM PST by desherwood7

Hello, can anybody give me guidelines on how to report my Savings Account income? My bank hasn't sent me a form INT-1099. Thank you to all who can help me in this situation.


TOPICS: Business/Economy
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1 posted on 02/24/2007 12:36:37 PM PST by desherwood7
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To: desherwood7

Call your bank and get the info.


2 posted on 02/24/2007 12:38:25 PM PST by ShadowDancer (Life is not tried, it is merely survived if you're standing outside the fire.)
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To: desherwood7

Total accrued interest for 2006 should be indicated on any of your monthly bank statements since December. Just include a copy with your IRS forms.


3 posted on 02/24/2007 12:42:02 PM PST by TimSkalaBim
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To: TimSkalaBim

Read the form they sent you. It usually says exactly what line to put it on on your tax return. Failing that, read the instructions for filing your taxes.


4 posted on 02/24/2007 12:51:22 PM PST by ClaireSolt (Have you have gotten mixed up in a mish-masher?)
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To: desherwood7

Call your bank, 1) verify that they have your correct address:2) get the total 2007 interst amount; 3) request a duplicate form be mailed to you.

If you do not recieve the form you can file your taxes using the interest figure they provide. In this case attach a note that indicates you did not receive a 1099 INT from your bank, and indicate the amount of intrest you received in 2007. It will be acceptable in lieu of the 1099. Provided the interest amount you report matches with the amount reported to the IRS under your social Security number you will have no problems.


5 posted on 02/24/2007 1:07:27 PM PST by Pete from Shawnee Mission
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To: ShadowDancer
I'd call 'em and make sure the 1099-INT didn't get eaten by gremlins. But be advised that if the total interest is less than $10.00 they don't need to report it and neither do you.

I am not a tax advisor, I don't play one on TV, but I do pay taxes.

6 posted on 02/24/2007 1:13:52 PM PST by Mad Dawg ("Now we are all Massoud.")
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To: Mad Dawg

Yeah, unfortunately I have never had to report savings income in my life. LOL


7 posted on 02/24/2007 1:15:37 PM PST by ShadowDancer (Life is not tried, it is merely survived if you're standing outside the fire.)
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To: desherwood7

Was it or should it have been over $10?...... I think that is the number a lot of institutions don't send a 1099-INT out.

But the phone will work wonders in getting the info you desire along with looking at your year end statement and see what it shows as accumulate YTD interest....


8 posted on 02/24/2007 1:19:43 PM PST by deport ( Cue Spooky Music...)
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To: desherwood7

As an honest Republican, be sure to deduct wages you paid to your "Man Servant", like JK does.


9 posted on 02/24/2007 1:25:14 PM PST by Mark (REMEMBER: Mean spirited, angry remarks against my postings won't feed even one hungry child.)
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To: desherwood7

Most banks have online access and a link to get any missing forms.


10 posted on 02/24/2007 1:26:48 PM PST by Mark (REMEMBER: Mean spirited, angry remarks against my postings won't feed even one hungry child.)
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To: Mark

Go to the bank Monday morning and draw all your money out....if they didn't report interest to IRS probably some clerk running a scam on your hard earned dollars.


11 posted on 02/24/2007 6:20:47 PM PST by spokeshave ("Hitlery is uniting the country. Everybody hates her.")
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To: Pete from Shawnee Mission; desherwood7

Banks send copies of those interest earned/paid forms electronically - directly to the IRS.

Taxpayers don't have to send a copy with their return.

So don't doctor the figures because the government already knows your every secret.


12 posted on 02/24/2007 7:58:58 PM PST by donna (NMMFF! - No more moral free fall!)
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To: donna; desherwood7; deport

Unless procedure changed in the last 2 years payers of dividends and interest wire funds, and submit earnings information via magnetic tape. Having a 1099INT copy on hand ensures a taxpayer has physical documenation in the event of an audit. As indicated, it is possible to file without it and rely on a taxpayer statement provided this amount matches the information received on magnetic tape. I wouldn't worry too much unless you make beucoup bucks. See note from deport re the $10 threshold on Intrest reporting.


13 posted on 02/25/2007 6:05:04 AM PST by Pete from Shawnee Mission
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To: donna; desherwood7; deport

Unless procedure changed in the last 2 years payers of dividends and interest wire funds, and submit earnings information via magnetic tape. Having a 1099INT copy on hand ensures a taxpayer has physical documenation in the event of an audit. As indicated, it is possible to file without it and rely on a taxpayer statement provided this amount matches the information received on magnetic tape. I wouldn't worry too much unless you make beucoup bucks. See note from deport re the $10 threshold on Intrest reporting.


14 posted on 02/25/2007 6:05:13 AM PST by Pete from Shawnee Mission
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To: ShadowDancer
Call your bank and get the info.

Going by your preferred language of choice on this thread, after calling them press "2" English.

15 posted on 02/25/2007 6:31:57 AM PST by EGPWS (Trust in God, question everyone else)
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To: TimSkalaBim

I got a year end statement from my Bank concerning the interest recieved. Will that do?


16 posted on 02/26/2007 8:42:21 AM PST by desherwood7
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To: desherwood7

Yep. Include a photocopy of the statement with your return.


17 posted on 03/03/2007 8:01:19 AM PST by TimSkalaBim
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To: TimSkalaBim

Thanks. I'll do that.


18 posted on 03/05/2007 8:37:26 AM PST by desherwood7
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