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Question
Where should I include the bonus/income from the bank on Form 1099 INT on my tax return? And do I need to fill out separate forms other than 1040 or the schedule to this form?
AI accountant’s answer:
You should report the interest income from your Form 1099-INT on your Form 1040, U.S. Individual Income Tax Return, or Form 1040-SR if you are using that form. Specifically, you should include the amount in the "Interest" line (Line 2a or 2b) depending on whether it's taxable or tax-exempt interest. Generally, you don't need to fill out separate forms for interest income reported on Form 1099-INT, but there might be a few cases where additional forms or schedules are necessary: 1. If your total interest income exceeds $1,500, you will need to complete Schedule B (Form 1040), Interest and Ordinary Dividends. 2. If the interest is from a foreign account, foreign financial assets, or if you have certain foreign financial accounts, you may need to file additional forms such as Form 8938, Statement of Specified Foreign Financial Assets, or FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR). Make sure you also provide your payer's federal identification number and your income amount on your tax return, as reported on your Form 1099-INT.
Comment from reviewer
Jacques Seys, CPA
Not Correct.
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