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Tip If you receive an incorrect 1099 form, you should contact the financial institution involved and ask them to issue a corrected one. Copies of all 1099s are sent to the IRS and are matched with your tax return. Mix-ups are especially prone to occur if your bank completed a merger this year and, for example, your bank accounts were reported to the IRS under a different bank's name than the one you used on your tax return, or if you had multiple accounts at a single bank and they were not all reported on the same 1099. As a general rule, if you are required to file Schedule B, every total shown in Box 1 of every 1099 that you receive should appear on your tax form somewhere, so that the IRS knows you are reporting it. If your institution reported multiple accounts on the same form, you should report them the same way. If they sent you separate 1099 forms for different accounts, report them separately. |
