If your taxable interest income is more than $1,500, be sure to include that income on Schedule B (Form 1040), Interest and Ordinary Dividends and attach it to your return. Please refer to the Instructions for Form 1040-NR for specific reporting information when filing Form 1040-NR.

You are not required to file or issue Form 1099-INT for exempt recipients including, but not limited to, the following. A corporation. A broker. A middleman/nominee.

You must report all taxable and tax-exempt interest on your federal income tax return, even if you don't receive a Form 1099-INT or Form 1099-OID. You must give the payer of interest income your correct taxpayer identification number; otherwise, you may be subject to a penalty and backup withholding. Refer to Topic no.

Report interest on U.S. Savings Bonds on Form 1099-INT. Also, report OID on obligations with a term of 1 year or less on Form 1099-INT. Reporting interest and OID. If you are reporting qualified stated interest and OID on an obligation, you may report both the interest and the OID on Form 1099-OID.

Amounts paid to taxpayers that must be reported on a 1099-INT include: Interest on bank deposits. Accumulated dividends paid by a life insurance company. Indebtedness issued in registered form or of a type offered to the public, such as bonds, debentures, notes, and certificates other than those of the U.S. Treasury.

Even if you did not receive a Form 1099-INT, or if you received $10 or less in interest for the tax year, you are still required to report any interest earned and credited to your account during the year.

For bonds issued after 1984, the OID is treated as interest. It's taxable as it accrues over the term of the bond. You also get to increase your basis in the bond by the amount of OID included in income. This reduces your capital gain — or increases your loss — when you sell it.