Tax season can be confusing, especially when documents like the 1099-INT form are delayed. This form is essential for reporting interest income to the IRS and ensuring tax compliance. Not receiving it on time from your bank, such as PNC, can create unnecessary stress.
IRS Reporting Requirements
The IRS requires financial institutions, including PNC, to report interest income when the total interest they pay a recipient during the year is at least $10. For the 2025 filing season, payers must furnish Form 1099-INT to recipients by January 31, and file with the IRS by February 28 if filing on paper or by March 31 if filing electronically. 1Internal Revenue Service. General Instructions for Certain Information Returns (2025)
For returns due in 2025, the IRS penalties for late or incorrect information returns are $60 per form if corrected within 30 days, $130 per form if corrected by August 1, and $330 per form if later or not filed; the intentional disregard penalty is $660 per form with no maximum. 2Internal Revenue Service. Information Return Penalties
Bank-Initiated Filing Thresholds
Banks are only required to issue a 1099-INT if the total interest they paid you for the year is at least $10. If your total interest with that bank is under $10, they aren’t obligated to provide the form. This can lead to confusion when you have multiple small-balance accounts at the same bank. Even if you don’t receive a 1099-INT, the interest is still taxable and must be reported.
Requesting Forms if Not Received
If you haven’t received your 1099-INT, first confirm whether you meet the criteria for receiving it. If you believe you qualify, contact PNC through customer service or visit a branch to verify if the form was issued and request a copy if necessary. Many banks, including PNC, also provide digital access to tax documents. Logging into your account may allow you to download and print the form directly.
If these steps don’t resolve the issue, consult a tax professional for guidance. They can help identify alternative documentation or address discrepancies in reported interest income, ensuring compliance with tax obligations.
Online Access for Account Holders
Online banking simplifies access to financial documents. PNC customers can log into their accounts to view, download, and print tax forms like the 1099-INT. This convenience enables timely verification of information and correction of any errors before filing taxes.
Correcting Errors or Omissions
If your 1099-INT contains errors or omissions, contact PNC immediately to report the issue and request a corrected form. The bank will typically review the discrepancy and issue a corrected form if necessary. Retain any correspondence related to this process, as it may be needed for future reference or in case of an IRS inquiry. Be sure to adjust your tax filings accordingly once the corrected form is received.
Maintaining Updated Account Data
Keeping your account information up to date is crucial for receiving important documents like the 1099-INT. Ensure that your address and contact details are accurate to avoid delays. PNC and many other banks offer online tools to update personal information, making it easier to stay on top of your account details and ensure timely delivery of tax forms.