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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Shyann Blair

8 February, 12:34

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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Lazarus · 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.