Where is my 1099?

Discussion in 'Community Board' started by SundaeAfternoon, Feb 4, 2010.

  1. SundaeAfternoon

    SundaeAfternoon I love my Golden furbaby!

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    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:cool1:) and I need to know if I should be making a call to my bank.
     
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  3. Nette

    Nette DIS Veteran

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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.
     
  4. tinkntraining

    tinkntraining <font color=red>Naked Nerd<br><font color=blue>Wis

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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! :thumbsup2
     
  5. Nette

    Nette DIS Veteran

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    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.
     
  6. wdwfan16

    wdwfan16 DIS Veteran

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    We have gotten a 1099 on smaller amounts. It may still be in the mail. They had until 2/1 to mail them out.
     
  7. Feralpeg

    Feralpeg Living and Loving Windermere!

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    I haven't received a couple of 1099s. Each year, they seem to send them out later.
     
  8. Meriweather

    Meriweather Aria's Nana

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    We haven't received ours yet this year either.
     
  9. Tuffcookie

    Tuffcookie Enjoys an early hour of peace. Is a smart cookie.

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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!:rolleyes:

    TC:cool1:
     
  10. SundaeAfternoon

    SundaeAfternoon I love my Golden furbaby!

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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.
     
  11. Silent1CB

    Silent1CB DIS Veteran

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    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.
     
  12. Cheshire Figment

    Cheshire Figment <font color=red><marquee behavior=alternate>Friend

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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).

    Mike (CPA Retired)
     
  13. kimmar067

    kimmar067 TAGS?? It's all about the 'likes' now!

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    ...:confused3 we didn't get OURS either....:mad::headache:
     

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