If you have more than one 1099-INT statement, can you combine them or do they have to be reported individually?
2007-03-02 23:22:25 · 3 answers · asked by H L S 1 in Business & Finance ➔ Taxes ➔ United States
They are combined on the 1040 (whatever version you file). If the total exceeds $1500, then you also must list them individually on a schedule B if you file a 1040 or schedule 1 if you file 1040A - if your interest is over $1500 you can't file a 1040EZ.
2007-03-03 03:46:31 · answer #1 · answered by Judy 7 · 0⤊ 0⤋
A 1099-INT is widely used, taxable activity and is reportable on 1040 (or schedule B if entire activity won from all components is larger than $1500). For activity earned interior of a retirement account, you're actually not issued a 1099, neither is that income stated to the IRS, because of the fact the income from an IRA isn't taxable till the money are withdrawn. while you're receiving statements for an account which you suspect to be a retirement account, it fairly is fairly useful to envision including your economic corporation to be certain that your account is desperate up wisely.
2016-12-14 09:33:23 · answer #2 · answered by kulpa 4 · 0⤊ 0⤋
They can be combined and reported on Form 1040 line 8a. If you have more than $1,500 in taxable interest you will need to report them individually on Schedule B.
2007-03-03 00:05:16 · answer #3 · answered by tma 6 · 0⤊ 0⤋