Free Banking Tips

This is what 1099 form looks like. Usually banks proactively send this form to customers whenever they are required to file this for taxes. This form is visible also from the official IRS Website- www.irs.gov.

1099 form is the form used to file taxes for Income generated from Checking, Savings, Savings Bond or Even Certificate of Deposits.

You will only have to file this for taxes if the interest earned in an account is at least $10 or more. For example, you have a savings account that earned $8.56 interest prior year and a CD account that earned $9.00, these accounts have more than $10 interest combined together but you no longer have to file this for taxes since it is in per account basis. If you have earned $10 or more in an account, you may also contact your bank to send you form that you need with the complete details of your interest earned.

Now you no longer have to worry that IRS might run after you.