PNC 1099-INT Form

When you have an interest-bearing account that earns you interest, you’ll get a copy of Form 1099-INT, reporting the interest earned during the course of the tax year from the account provider. PNC Financial Services is one of the vastly used banks that give interest payments in exchange for holding money in your account.

Since PNC is such a large corporation, tax forms aren’t an issue and you won’t be in a position to chase your 1099-INT, or any other tax form you need to file your taxes. 

What is Form 1099-INT from PNC?

The financial institutions are required to report interest payments made to their customers. If you received more than $600 during the course of the tax year from interests, that amount must be reported per IRS guidelines. The Internal Revenue Service requires taxpayers to report their income, so the 1099-INT you received from PNC serves that purpose. 

Make sure that you attach 1099-INT to your federal income tax return to report the interest earned from PNC. If you have other interest bearing accounts in other financial institutions, you’ll receive this tax form again, but only if the total interest payments paid is more than $600. If under, the financial institutions aren’t required to furnish you with a 1099-INT. Nevertheless, there is a high chance that you’ll receive this tax form from them, reporting the total amount of interest received regardless of the interest paid.

What to do with Form 1099-INT?

Whether you file your federal income tax return, Form 1040, through a tax preparation software or on paper, you must attach Form 1099-INT to it, along with other information returns. 

When filing your return through a tax preparation software, you don’t need to manually do anything as these are handled by the tax preparation software. On the other hand, those that are preparing a paper tax return must physically attach the 1099-INT on the top right or left corner of their returns. It also works to put every tax document in a single envelope/package if the number of tax forms that are on the form is too many to staple.

What If I filed my return without 1099-INT?

Not reporting income that you earned during the tax year can result in disastrous outcomes and it could be considered as tax evasion. This would lead to tax penalties and even jail time as you’re not telling the IRS – here is how much I earned and I’m liable for this much in taxes. Take note that financial institutions that send you Form 1099-INT also report this to the Internal Revenue Service. So, Uncle Sam will know that even if you don’t report it yourself on the tax return you file.

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