Why did I receive a 1099‑INT when my CD hasn’t reached maturity yet?
If you have a Certificate of Deposit (CD) savings account that has not yet reached its maturity date, you still have to report interest earned as income on your annual tax return.
Per IRS reporting requirements, interest credited to a CD is reported to you in the year the interest is paid, even if the CD hasn’t matured. Interest is credited to your CD monthly, regardless of your interest disbursement selection (monthly or quarterly). These monthly interest payments will be reported on a 1099‑INT for the tax year in which the interest was credited to your CD.
Example:
You earned $100 in interest during the first year of a multi-year CD account. If your initial deposit was $1000, and the account now has $1100, you will only report $100 as income on your tax return.
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