Skip to content

CD Interest Reporting

Answered by: 

Does the interest earned on a CD need to be reported to the TIN on file at the time of the interest posting or can it be redirected to a new TIN simply by changing the banks records?

Generally, bank accounting systems only have the ability to report interest for a given account on one TIN- the one on file at year end. If for some reason ownership of an account changes mid-year, closing out the old account and reopening provides the cleanest way to allocate the interest paid; otherwise, the bank might have to create extra records to generate adjusted (and multiple) 1099's at year end.

First published on 10/08/07

First published on 10/08/2007

Filed under: 
Filed under operations as: 

Banker Store View All

From training, policies, forms, and publications, to office products and occasional gifts, it’s available here:

Banker Store

hot right now

image description

Looking for effective, convenient training on a particular subject?

BOL Learning Connect offers more than 200 courses ON-DEMAND or on CD ROM from AML to Reg Z and every topic in between.

Search Topics