MANAGEMENT

BUISENESS MANAGEMENT

TAXES

Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
Which tax form provides information on how much you have earned in interest on your savings tools, such as savings accounts?
A
W2
B
W4
C
1040
D
1099-INT
Explanation: 

Detailed explanation-1: -Box 1 of the 1099-INT reports all taxable interest you receive, such as your earnings from a savings account.

Detailed explanation-2: -1099-DIV, which reports dividend income and capital gains distributions. 1099-INT, which reports interest income. 1099-R, which reports distributions from retirement accounts.

Detailed explanation-3: -What is a 1099-INT tax form? A 1099-INT tax form is a record that someone-a bank or other entity-paid you interest. If you earned more than $10 in interest from a bank, brokerage or other financial institution, you’ll receive a 1099-INT.

Detailed explanation-4: -Form 1099-INT is a tax form issued by interest-paying entities, such as banks, investment firms, and other financial institutions, to taxpayers who receive interest income of $10 or more. The information recorded on the form must be reported to the IRS.

Detailed explanation-5: -Forms are mailed by the end of January and should arrive by mid-February. If you’re enrolled in Online Banking and you meet the IRS guidelines, you can find your 1099-INT form by signing in to Online Banking, selecting your deposit account and then selecting the Statements & Documents tab.

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