Question

Last year Kelly and Matt began placing $100 a week into an interest-bearing savings account at their bank. At the end of the year, the couple had saved $5,200 and had earned $273. What form will the bank provide both the IRS and Kelly and Tom stating the interest earned on their account during the tax year

Answer 1

1099-INT

Step-by-step explanation:

According to US law this form would be filled. Note that Kelly and Matt received interest of $273.

Kelly and Matt are mandated to report their income in different places jn the form (form 1099-INT) depending on what kind of income it was. This is done to ascertain the value of their interest earned tax.