Interest Income Taxable

Interest income is taxable income usually from a Form 1099-INT earned from various investments. Interest income may be earned from bank accounts, money market accounts, certificates of deposit, Treasury bills, notes, bonds, cooperative banks, credit unions, loan associations, and mutual savings banks and is subject of federal income tax. Some interest is exempt from all state and local income taxes such as treasury bills.

If you earned interest income and did not receive a Form 1099-INT, you are still required to report the taxable interest income if it was credited to your account.

You must report the taxable interest income on your tax return, even if you reinvested the income and left the earnings in your account.

Interest Income – Reporting

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Schedule K-1 from a partnership Form 1065
Schedule K-1 from an S corporation Form 1120S
Form  1099-OID , Original Issue Discount from bonds

You are not required to attach the Form 1099-INT interest income tax statements to your federal income tax return.