You get a tax form from your checking account only if the bank paid you interest
Most checking accounts do not generate tax forms. Banks send tax documents only when you earned money from the account — specifically, when the bank paid you interest. If your account earned no interest or earned less than $10 in a year, you will not receive a form.
The form you receive is called a 1099-INT (Interest Income). It reports the total interest your account earned during the calendar year. You report this amount on your federal tax return, and your state may require it too. The bank mails or makes the form available to you by January 31 of the following year.
Checking accounts that earn interest are less common than they once were. Most standard checking accounts pay zero interest. Some banks offer high-yield checking accounts that do pay interest, usually a small percentage. If you are unsure whether your account earns interest, check your account agreement or call your bank.
Key Takeaways
- You receive a 1099-INT form only if your checking account earned interest during the year.
- Banks send the 1099-INT by January 31 and report the total interest paid to you and the IRS.
- Interest of less than $10 in a year typically does not trigger a form, though you must still report it if you received any.
- Most standard checking accounts earn zero interest and produce no tax forms at all.
- You can access your 1099-INT online through your bank's website or request a paper copy if the bank does not mail it automatically.
When banks send the 1099-INT and what it includes
Your bank sends the 1099-INT by January 31 each year for interest earned in the previous calendar year. The form shows your name, address, Social Security number or tax ID, the bank's name and routing number, and the total interest paid to your account during that year. The bank sends a copy to you and files a copy with the IRS.
You do not have to do anything to receive the form if your account earned interest. The bank generates it automatically. However, some banks now deliver forms electronically through your online banking portal instead of mailing paper copies. Log into your account in late January or early February to check for the form, or contact the bank to request a paper copy if you prefer one.
If you earned interest but the bank did not send you a 1099-INT, contact the bank directly. This can happen if the bank has an incorrect address on file, if the interest was credited after the form was already sent, or if there was a processing error. The bank can issue a corrected form or a duplicate.
How to report the 1099-INT on your tax return
You report the interest shown on your 1099-INT on Schedule B (Interest and Ordinary Dividends) if you file Form 1040. If your total interest income from all sources is $1,500 or less, you may be able to report it directly on Form 1040 without filing Schedule B — the IRS rules on this change year to year, so check the current instructions.
The interest amount goes into your taxable income. It is taxed at your ordinary income tax rate, not at a special rate. Even small amounts of interest count. If you earned $8 in interest and the bank did not send a 1099-INT because it was under $10, you still must report that $8 on your return.
Keep your 1099-INT with your tax records for at least three years. If the IRS questions your return, you will need to show that the interest reported on your tax return matches what the bank reported to the IRS.
Accounts that do and do not produce tax forms
A high-yield checking account almost always produces a 1099-INT because these accounts are designed to pay interest. The interest rate varies by bank and changes frequently, but it is usually higher than a standard account. If you have one of these, expect a form every January.
A standard checking account at most banks pays zero interest and produces no tax form. This includes accounts at large national banks, regional banks, and many credit unions. Even if you keep a large balance, if the account earns no interest, there is no form.
A money market account is not a checking account, but it often earns interest and will produce a 1099-INT. Some banks offer hybrid accounts that combine checking features with interest-bearing features — these will produce a form if they earned interest.
Debit card rewards, cash back, or promotional bonuses credited to your checking account are generally not reported on a 1099-INT. They are treated differently for tax purposes. If you are unsure whether a credit to your account counts as interest, ask the bank.
What to do if you lost your 1099-INT or never received it
Contact your bank and request a duplicate or corrected 1099-INT. You will need to provide your account number and the year in question. Most banks can issue a duplicate within a few business days, either by mail or through your online portal.
If the bank cannot locate the form or says it was not sent, ask for a written statement showing the total interest paid to your account that year. You can use this statement to report the interest on your tax return even without the official form. Keep the statement with your tax records.
If you file your tax return before receiving the 1099-INT, you can file an amended return (Form 1040-X) once you have the form. This is common and not a problem — the IRS expects it. File the amendment as soon as you receive the form.
Interest income from joint accounts and accounts for minors
If you own a checking account jointly with another person, the bank reports the total interest on one 1099-INT in the name of the account holder listed first on the account. You and the other owner must decide how to split the interest for tax purposes and report your respective shares on your individual returns. This is a matter between you and the other owner — the bank reports only the total.
If you are a parent or guardian with a checking account in a minor's name, the bank reports the interest on a 1099-INT in the child's name and Social Security number. You may need to report this on the child's tax return, depending on the child's age and total income. The rules for dependent children are complex — consult a tax professional if the amount is substantial.
Frequently Asked Questions
Do I need a 1099-INT to report interest on my tax return?
No. You must report all interest income whether or not you receive a 1099-INT. If you earned interest but the bank did not send a form, you still report it. The 1099-INT is a record to help you remember the amount, but the requirement to report comes from the interest itself, not from the form.
What if the 1099-INT shows the wrong amount?
Contact your bank when ready. The bank can issue a corrected form (called a 1099-INT with a "corrected" indicator). Once you receive the corrected form, report the correct amount on your tax return. If you already filed, file an amended return with the correct amount.
Can I avoid getting a 1099-INT by closing my account before January 31?
No. The 1099-INT reports interest earned during the calendar year, regardless of when you close the account. If you earned interest in 2024, you will receive a 2024 1099-INT in January 2025, even if you closed the account in December 2024.
Is the interest from my checking account subject to state income tax?
Most states that have an income tax require you to report interest income on your state return as well as your federal return. A few states do not tax interest income. Check your state's tax rules or ask a tax professional about your state's requirements.