- Taxable interest is interest received from savings accounts, CDs, and some bonds.
- You will receive Form 1099-INT from any account or bond that earned more than $10 during the year.
- Report the interest income on your tax return, and attach Schedule B for amounts over $1,500.
When you think of your income, a paycheck probably comes to mind. But there are many other types of income that have to be reported on your annual tax return, including interest earned on a savings account balance or on a bond.
TurboTax
