A PNC 1099-INT is the tax form PNC Bank sends you each January reporting the interest your accounts earned during the prior year, and the IRS gets an identical copy. Your job at tax time is simple in principle: put the numbers from the form’s boxes on the matching lines of your Form 1040 (and Schedule B if your total interest is high enough). If what you report doesn’t match what PNC reported, expect a notice and possibly an accuracy-related penalty.
When PNC Sends the Form
PNC is required to issue a 1099-INT to any account holder who earned at least $10 in interest during the calendar year. That $10 threshold applies to the combined interest across all your PNC deposit accounts, including savings, checking, money market, and CDs.1Internal Revenue Service. About Form 1099-INT, Interest Income The form must be in your hands by January 31 for the prior tax year; if that date falls on a weekend or holiday, the deadline shifts to the next business day.2Internal Revenue Service. Publication 1099 General Instructions for Certain Information Returns
If you opted into electronic delivery before the January mailing deadline, the form appears as a PDF in the Tax Documents section of PNC Online Banking or the mobile app. Otherwise, PNC mails a paper copy to the address on file. An outdated mailing address is one of the most common reasons customers never see their form, so check it before tax season.
One thing worth knowing even if no form arrived: interest under $10 is still taxable and still belongs on your return. The $10 rule only decides whether the bank has to send paperwork; it doesn’t decide whether you owe tax.
What the Boxes Mean and Where They Go
Not every box on your 1099-INT will have a number. Focus on the ones that do.
Box 1: Taxable Interest
This is the figure most PNC customers deal with. It’s the total taxable interest paid to you during the year from your deposit accounts, and the IRS treats it as ordinary income taxed at your marginal rate. Box 1 goes on Form 1040, Line 2b.3Internal Revenue Service. 1040 (2025) Instructions
Box 2: Early Withdrawal Penalty
If you cashed a CD before its maturity date, PNC charged a penalty. That penalty amount lives in Box 2, and you can deduct it on Schedule 1, Line 18. This is an above-the-line adjustment, so it reduces your adjusted gross income whether or not you itemize.
Box 3: Interest on U.S. Savings Bonds and Treasury Obligations
Box 3 covers interest from Treasury bills, notes, bonds, and U.S. savings bonds held through PNC. It’s fully taxable at the federal level but exempt from state and local income tax, which can matter if you live in a high-tax state.
Box 4: Federal Income Tax Withheld
If PNC withheld federal tax from your interest, usually because of backup withholding, the amount shows here. Report it in the payments section of your 1040 the same way you’d report W-2 withholding; it reduces your balance due or increases your refund.4Internal Revenue Service. Form 1099-INT Don’t skip past it, or you’ll lose credit for tax you already paid.
Box 8: Tax-Exempt Interest
Box 8 reports interest from state and local government bonds (municipal bonds) that is exempt from federal income tax. Report it on Form 1040, Line 2a. It doesn’t get added into your adjusted gross income, but the IRS still uses it in other calculations. If you collect Social Security, tax-exempt interest counts toward the formula that determines how much of your benefits are taxable.5Social Security Administration. Research Note 12 – Taxation of Social Security Benefits
State treatment depends on where you live and where the bond was issued. Municipal bond interest from your own state is generally exempt from that state’s income tax; bonds from another state may be taxable on your state return.
Box 9: Private Activity Bond Interest
Box 9 is a subset of Box 8 that can trigger the Alternative Minimum Tax. If you file Form 6251, the Box 9 amount goes on Line 2g.6Internal Revenue Service. 2025 Instructions for Form 6251 – Alternative Minimum Tax – Individuals Most customers with standard PNC deposit accounts won’t see anything here.
Box 10: Market Discount
If you bought a bond for less than its face value, the difference is market discount. Any amount PNC recognized on your behalf during the year appears in Box 10 and is generally treated as ordinary interest income when the bond is sold or matures.
Box 11: Bond Premium
The opposite situation: you bought a taxable bond for more than face value, and part of that premium amortizes each year and offsets the interest. Some brokerages report Box 1 already net of the amortized premium and leave Box 11 blank. Others show gross interest in Box 1 and put the premium in Box 11. If Box 11 has an amount, you can use it to reduce the taxable interest you report.7Internal Revenue Service. Instructions for Forms 1099-INT and 1099-OID
Putting It on Your Return
Box 1 goes on Form 1040, Line 2b. Box 8 goes on Line 2a. If your total taxable interest from all sources (not just PNC) exceeds $1,500, you also have to file Schedule B.8Internal Revenue Service. About Schedule B (Form 1040), Interest and Ordinary Dividends
On Part I of Schedule B, list each payer separately. Write “PNC Bank” and the Box 1 figure on its own line, then list any other banks that issued you 1099-INTs. The total flows back to Form 1040, Line 2b.
Box 2 (early withdrawal penalty) goes on Schedule 1, Line 18. Box 4 (federal tax withheld) goes in the payments section of the 1040 with your other withholding.
Joint Accounts and Nominee Interest
When two people share a PNC account, the bank issues a single 1099-INT under one Social Security number, usually the first name listed on the account. The IRS therefore assumes all the interest belongs to that person. If the interest should actually be split, the person who received the form has to do a nominee distribution.
Report the full amount from the PNC 1099-INT on your Schedule B. On the next line, write “Nominee Distribution” and subtract the portion that belongs to the other owner. The difference is your taxable share. Then issue a separate 1099-INT to the co-owner for their share and file Form 1096 with the IRS to report that distribution. Spouses filing jointly can skip all of this, because both shares land on the same return anyway.9Internal Revenue Service. 2025 Instructions for Schedule B (Form 1040) – Interest and Ordinary Dividends
Why Box 4 Might Have an Amount
If Box 4 shows federal tax withheld, you were likely subject to backup withholding at a flat 24% rate. That happens for one of two reasons: PNC doesn’t have a valid taxpayer identification number for you (or the one on file is wrong), or the IRS notified PNC that you previously underreported interest or dividend income.10Internal Revenue Service. Backup Withholding
To stop future backup withholding, submit an updated Form W-9 to PNC through a branch or the secure message center. If the IRS triggered it, you’ll need to resolve the underlying issue with the IRS before withholding stops. The 24% already withheld isn’t lost; it counts as a tax payment on your return.
If Your 1099-INT Is Missing or Wrong
If February arrives and no form has, check PNC’s online portal first. If it’s not there, contact PNC to request a copy and confirm your mailing address. Still nothing by the end of February? Call the IRS at 800-829-1040 and the agency will contact PNC on your behalf.11Internal Revenue Service. What to Do When a W-2 or Form 1099 Is Missing or Incorrect
A missing form isn’t an excuse to skip filing. Estimate your interest from your year-end statement or monthly interest credits and report that figure. If the actual 1099-INT shows up later with a different number, file an amended return then.
If the amount on the form doesn’t match your records, contact PNC’s Tax Support line or send a secure message through online banking. If the bank confirms an error, they’ll issue a corrected form with the “CORRECTED” checkbox marked at the top; that version supersedes the original for both you and the IRS. If you already filed using the wrong number, submit Form 1040-X once you have the corrected 1099-INT in hand. Wait for it before amending so you only do it once.