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Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
Satisfied Customers: 586
Experience:  10 years experience
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I am preparing my 2015 taxes, and have not received a 1099

Customer Question

I am preparing my 2015 taxes, and have not received a 1099 INT for a bank CD for a bank that has recently merged with another bank: specifically, Intervest National Bank with Bank of the Ozarks. If I don't receive this 1099 INT I am worried that perhaps something illegal may be going on. I called the Intervest Bank and I was given the amount of interest earned for 2015, but I am afraid of making an issue of this since this is an online bank account, and who knows what they could do to my account. This is not the first time this has happened to me-about 7 years ago, my CD matured just as the bank merged with another bank. When I called to ask about my 1099 INT at the end of the year, I was told that it would be a 'group decision', and I never received it. I would appreciate any advice you could give me. Thank you
Submitted: 1 year ago.
Category: Tax
Expert:  Jax Tax replied 1 year ago.

First, as for your taxes, you do not need the 1099int. Just make sure you include the interest on your return.

Expert:  Jax Tax replied 1 year ago.

As for what is going on, various federal laws apply and don't apply depending on jurisdiction. The online bank may be out of a foreign country not subject to US tax reporting laws or not. The party responsible for tax filing depends in how the merger went down. There are various ways one business is bought or merged with another and depending this, the orginal or new bank may have the responsibility to issue the 1099.

With all that said, the FBI website which is who has jurisdiction, has a place to electronically provide information if you feel laws are being broken.