How to Find Amount of Interest Paid to a Savings Account
Knowing the amount of interest paid to your savings account can be helpful in understanding your current financial yield. An analysis of the interest you are earning enables you to make informed financial decisions about your money. It is also sometimes necessary to find out how much interest has been paid to your savings account over the course of a year for tax reporting purposes. Whatever the reason, there are several ways to find out how much interest your account has earned: bank statements, IRS Form 1099 or by contacting your bank.
Other People Are Reading
Instructions
-
Bank Statement
-
1
Locate your most recent bank statement from your savings account. If you do not retain paper copies of your bank statement, you may be able to locate your statements through your bank's online banking website.
-
2
Locate the section on your statement that contains details about the interest paid to your account. This section will list how much interest was paid in the most recent statement period and other information about your savings account.
-
-
3
Find the line that says "Interest paid year to date" or similar. The amount on this line will tell you the amount of interest paid to your savings account by the bank in the current year.
IRS Form 1099
-
4
Wait until January for your bank to issue you a 1099-INT. According to MSN Money, the form 1099-INT is used specifically to report interest income and other interest-related information, such as any early withdrawal penalties you paid. The form is only required if the bank paid you more than $10 in interest over the course of a year.
-
5
Look at Box 1 on the form, which will contain the amount of interest paid for the previous tax year.
-
6
Report the interest you earned on your savings account on your tax return. Consult a tax professional if you have any questions regarding this type of reporting.
Bank Contact
-
7
Locate the contact number for your bank on your savings account statements or the bank's website.
-
8
Follow the prompts on the phone menu to speak with a customer service representative.
-
9
Explain that you need to find out how much interest has been paid to your savings account and the period that you are looking for--the past month, year or other interval.
-
10
Ask for verification to be sent to you if you need documentation of the interest information for your records. This might come in the form of a letter or statement reprint.
-
1
