Taxes on Interest - YouTube video text script

 

You might be receiving a 1099-INT Form. The IRS is sending these to anyone who received an interest payment last year after timely filing their 2019 federal return and receiving a tax refund. By law, these interest payments are taxable and people who received them must report the interest on the 2020 federal income tax return they file this year.

These interest payments were the result of last year's filing deadline being extended because of the COVID-19 pandemic. This extended deadline is considered a disaster-related postponement. This means the IRS is required to pay interest, calculated from the original April 15 filing deadline, as long as an individual files a 2019 federal income tax return by the postponed deadline. Last year, that was July 15. You'll get a Form 1099-INT if your interest payment was at least $10.

For more information visit IRS.gov