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Old 02-04-2010, 08:59 AM   #1
SundaeAfternoon
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Where is my 1099?

Is it strange that I have not yet received my 1099 from my bank? It would be extremely small ($3 interest from savings account) which brings me to my other question...if it's that small, do they even send a 1099? I want to get my taxes done early this year (more $$ for Disney) and I need to know if I should be making a call to my bank.
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Old 02-04-2010, 09:11 AM   #2
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I think your interest has to be over $1-2K before you actually have to report it. Ours was just under $200 this year, and Turbo Tax gave me the option of including the interest forms or not.
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Old 02-04-2010, 09:16 AM   #3
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I'm pretty sure that a bank is required to send a 1099 to you only if you earned $20 or more in interest for the year.

Although, I must say, I wish it was $1000-$2000!
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Old 02-04-2010, 09:24 AM   #4
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Originally Posted by tinkntraining View Post
I'm pretty sure that a bank is required to send a 1099 to you only if you earned $20 or more in interest for the year.

Although, I must say, I wish it was $1000-$2000!
I just meant you don't have to report it on your taxes unless it's over some crazy high number... We did get 1099-INTs for all of our accounts.
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Old 02-04-2010, 09:30 AM   #5
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Originally Posted by SundaeAfternoon View Post
Is it strange that I have not yet received my 1099 from my bank? It would be extremely small ($3 interest from savings account) which brings me to my other question...if it's that small, do they even send a 1099? I want to get my taxes done early this year (more $$ for Disney) and I need to know if I should be making a call to my bank.
We have gotten a 1099 on smaller amounts. It may still be in the mail. They had until 2/1 to mail them out.
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Old 02-04-2010, 10:02 AM   #6
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I haven't received a couple of 1099s. Each year, they seem to send them out later.
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Old 02-04-2010, 10:13 AM   #7
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We haven't received ours yet this year either.
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Old 02-04-2010, 10:18 AM   #8
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By law, they are suppose to be postmarked by Jan 31.

I was waiting for one and when I had not received it by Tuesday, I called the Co. I was waiting to get it from.

The gentleman I talked to was very nice and sent me a copy of it in a PDF file! Of course, the original came in the mail the next day!

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Old 02-04-2010, 01:50 PM   #9
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Thanks for the replies. I think I will wait until Monday, and if I don't get anything I will call the bank.
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Old 02-04-2010, 01:53 PM   #10
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Originally Posted by SundaeAfternoon View Post
Is it strange that I have not yet received my 1099 from my bank? It would be extremely small ($3 interest from savings account) which brings me to my other question...if it's that small, do they even send a 1099? I want to get my taxes done early this year (more $$ for Disney) and I need to know if I should be making a call to my bank.
Banks do not need to send a 1099 if interest is under $10. Go online & print out what you need for documentation purposes if you don't already have your monthly statements.

You still need to count the interest as income. You just won't get a 1099 for it.
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Old 02-04-2010, 07:52 PM   #11
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For 1099-INT and 1099-DIV there is no requirement that one be sent if the amount is less than $10.00. Likewise, a 1099-MISC does not have to be sent unless the amount is at least $600.00. However, there is nothing to say that they cannot send a 1099 if the amount is less than the requirement and some places will.

Technically you are supposed to report all income from all sources unless specifically exempted by law (that is the basis of the Tax Code).

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Old 02-04-2010, 07:54 PM   #12
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Quote:
Originally Posted by SundaeAfternoon View Post
Is it strange that I have not yet received my 1099 from my bank? It would be extremely small ($3 interest from savings account) which brings me to my other question...if it's that small, do they even send a 1099? I want to get my taxes done early this year (more $$ for Disney) and I need to know if I should be making a call to my bank.
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