- Payers must report interest of $10 or more on Form 1099-INT to help the IRS verify that recipients report it correctly on their tax returns.
- The IRS estimates over 141 million responses with an average burden of 19 minutes each, totaling more than 46 million hours annually.
- Comments on the collection's necessity, accuracy, and ways to reduce burden are due by December 7, 2026.
How Interest Reporting Affects Your Household
Many families earn interest on savings accounts, certificates of deposit, or other investments. If that interest totals $10 or more in a year from a single payer, the financial institution or other payer is required to send both you and the IRS a Form 1099-INT.
This form helps ensure that the interest income is properly included on your family's tax return. The IRS uses the information to cross-check that households are reporting the full amount they are required to pay taxes on.
For interest payments that fall outside the main rules but reach $600 or more in the course of a trade or business, payers must also use Form 1099-INT. This covers a wide range of situations that can impact individual taxpayers and families.
What the IRS Notice Means for Families
On October 7, 2026, the IRS published a notice inviting the public to comment on this ongoing information collection, which carries OMB Control Number 1545-0112. The agency is specifically seeking feedback on whether the reporting is necessary, how accurate its burden estimates are, and ideas for making the process clearer or less burdensome.
There are no changes proposed to the current Form 1099-INT requirements. This is an extension of an already approved collection under the Paperwork Reduction Act. The estimated 141,555,000 responses reflect the large number of interest-paying entities and recipients across the country.
The average time to prepare and file each form is estimated at 19 minutes, leading to a total annual burden of 46,403,150 hours. These figures include businesses, government entities, individuals, households, and nonprofits that make such payments.
Practical Questions for Households Receiving Interest
Families should check their mail or online accounts from banks and brokers each tax season for any 1099-INT forms. Even small amounts from multiple sources can add up and affect your taxable income.
If you spot an error on a form you receive, contact the payer promptly to request a correction. Accurate reporting helps avoid unexpected tax bills or questions from the IRS during filing.
Republic Tax Relief notes that some households facing separate tax debt issues unrelated to routine interest reporting may have questions about resolving past IRS obligations; the firm offers a free, no-obligation initial consultation to discuss private tax-resolution services and suitability for their situation.
How to Submit Comments
Written comments must be received by December 7, 2026, to be assured of consideration. They can be mailed to Andres Garcia at the IRS or emailed with the control number in the subject line.
The IRS encourages comments on practical utility, ways to reduce burden through technology, and any cost estimates. All comments become public record.
Draft versions of the related tax forms are available for review on the IRS website.
Announcement covered: Oct 7, 2026.
General information only, not individual tax, legal, or financial advice. Rules, deadlines, and eligibility depend on your circumstances. Check current official guidance or consult a qualified professional.
Request a correction →
