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1099 issued by IRS !!!

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. Best answer

    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.

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  2. 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 only be provided after consultation by an attorney licensed in your jurisdiction. The answer to question does not create an attorney-client relationship or otherwise require further consultation. Mr. Smith is licensed to practice law throughout the state of California with offices in Los Angeles County. He is authorized to handle IRS matters throughout the United States, and is also licensed to practice before the United States Tax Court. His phone number is 323-292-4116 or his email address is philsmithjr@worldclasslawyers.com.


  3. 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
    www.insightlawfirm.com


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

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