Last year Kelly and Matt began placing $100 a week into an interest-bearing savings account at their bank. At the end of the year, the couple had saved $5,200 and had earned $273. What form will the bank provide both the IRS and Kelly and Tom stating the interest earned on their account during the tax year

Question

Alonzo Erickson

Business

14 July, 08:10

Last year Kelly and Matt began placing $100 a week into an interest-bearing savings account at their bank. At the end of the year, the couple had saved $5,200 and had earned $273. What form will the bank provide both the IRS and Kelly and Tom stating the interest earned on their account during the tax year

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Answers (1)

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Hayden Huber · Answer 1

1099-INT

Explanation:

According to US law this form would be filled. Note that Kelly and Matt received interest of $273.

Kelly and Matt are mandated to report their income in different places jn the form (form 1099-INT) depending on what kind of income it was. This is done to ascertain the value of their interest earned tax.