Final answer:
A 1099-INT form reports interest income earned by an individual to the IRS and needs to be included on the individual's tax return as taxable income.
Explanation:
A 1099-INT form reports interest income earned by an individual to the IRS. This form is typically provided by banks or financial institutions where the individual holds accounts that have generated interest income.
The amount of interest income indicated on the 1099-INT form needs to be reported on the individual's tax return as it is considered taxable income by the IRS.
Failure to report this income can result in penalties from the IRS, so it is important for individuals to accurately include this information on their tax returns.
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