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I know I earned interest on money I have in an account, but I did not receive a 1099. How should I go about figuring out how much money to report?

 
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Category : > Income Tax Filing Across The USA
Posted On : Fri Nov 26th,2010

 
I know I earned interest on money I have in an account, but I did not receive a 1099. How should I go about figuring out how much money to report?
 

I know I earned interest on money I have in an account, but I did not receive a 1099. How should I go about figuring out how much money to report?

Make sure the interest is not earned on money in an IRA account. If that is the case the interest does not need to be reported. Assuming the interest is earned on money in a regular account try to contact the institution where the interest was earned and ask them to issue or re-issue the 1099. If that is not possible, calculate the interest earned based on the statements that were issued on that account.

Example: A taxpayer has $20,000 in a money market account but can not find the 1099 stating how much interest was earned on that investment. The taxpayer contacts the bank and asks them to fax him a copy of the 1099 so he will have the exact amount to report.

  


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