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