What type of income does Form 1099-INT summarize?

Form 1099-INT is specifically designed to summarize interest income earned by individuals during the tax year. It is primarily used by banks, credit unions, and other financial institutions to report interest payments to taxpayers and the IRS. When you receive this form, it indicates that you have earned interest, typically over a certain threshold amount (generally $10 or more), which is then reported as taxable income on your tax return.

This form does not report rental income, which is typically declared on Schedule E of the tax return. It also does not encompass miscellaneous income that might be reported on Forms 1099-MISC or 1099-NEC. Additionally, dividends paid on stocks are reported using Form 1099-DIV, making it clear that the two forms serve distinct purposes. Thus, the correct association with Form 1099-INT is the interest payments made by banks and similar institutions.