Banks, savings, loan associations, and credit unions all use the 1099-INT to let you and the IRS know when you earn more then a $10 interest for the past year. Companies even use the form to report any interest on life insurance dividends and even bond interest. If a company is with holding any from your interest. They are obligated to send you a 1099 even if you are earning less than $10 interest. Any interest that doesn’t fall into the categories of life-insurance, or death benefits will only trigger a 1099 if its more then $600.
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