Guide to Form 1099-INT

If you earned more than $10 in interest from a bank, brokerage, or even the IRS, you'll receive a 1099-INT. Here's where to put those numbers.

Where does it go on the 1040?

Interest income goes on Line 2 of your Form 1040.

Box 1 (Interest income): This is taxable interest. Put the total from all 1099-INTs on Line 2b.
Box 3 (Interest on US Savings Bonds): Also goes on Line 2b.
Box 8 (Tax-exempt interest): This is usually from municipal bonds. It goes on Line 2a. It is not federally taxed, but it might be taxed by your state.

Schedule B Requirement

If your total taxable interest (Line 2b) or ordinary dividends (Line 3b) is more than $1,500, you must fill out and attach Schedule B to your 1040. It simply lists the names of the institutions paying you and the amounts.