1099 issued by IRS !!!

Asked almost 3 years ago - Chicago, IL

I received a Form 1099 (Rev. 9-07) Statement for Recipients of Interest Income with my SS as the Recipient's Identification Number and 38-1798424 PAYER'S Federal Identification Number. In fine prints, the Form says "This amount may represent interest on an overpayment for more than one year, or more than one kind of tax. If you are required to file a tax return, report this interest as income on your return.".

My question is, should I file this income as 1099-INT or as 1099-MISC?

Attorney answers (4)

  1. Steven J. Fromm

    Contributor Level 20


    Lawyers agree

    Best Answer
    chosen by asker

    Answered . It is interest income. If you report it as 1099 Misc you expose yourself to social security tax implicaitons. So report it on Schedule B, Interest Income.

    Hope this helps.

    Please remember to designate a best answer to your question.

    Mr. Fromm is licensed to practice law throughout the state of PA with offices in Philadelphia and Montgomery Counties. He is authorized to handle IRS matters throughout the United States. His phone number is 215-735-2336 or his email address is sjfpc@comcast.net , his website for more tax, estate and business articles is www.sjfpc.com. and his blog is

    LEGAL DISCLAIMER Mr. Fromm is licensed to practice law throughout the state of PA with offices in Philadelphia... more
  2. Christopher Michael Larson

    Contributor Level 19


    Lawyers agree

    Answered . It sounds like interest. Many people forget to include interest in some form or another on their tax return. They always remember the W-2s and 1099s they recevied from working, but they sometimes forget that interest from their bank account and investments.

    I would do as it says and report it as interest income. If it says it is all taxable, include it as such.

    Christopher Larson
    Insight Law

  3. Phillip Monroe Smith

    Contributor Level 18


    Lawyers agree

    Answered . This appears to be interest income because the statement indicates that is such. It would be helpful to know who is the payer, and what box on the 1099 that the income is entered into.

    Phillip M. Smith Jr.
    Tax & Business Attorney
    Call: 855 IRS TAXBIZ

    THESE COMMENTS ARE NOT LEGAL ADVICE. They are provided for informational purposes only. Actual legal advice can... more
  4. Richard W Beck

    Contributor Level 11


    Lawyers agree

    Answered . please go back to you post and delete the EIN-

    Legal Disclaimer: Richard W. Beck is licensed to practice law in Colorado. His answers are for general information... more

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