The other day, I received a tax form (1099-INT, income from interest) in the mail. The form came from Bank of America. I was not aware of having an interest-earning account at Bank of America. My only experience with this particular financial company was when a Wachovia credit card I have (unused but held to avoid fees on my checking account) was transferred to Bank of America after Wachovia decided to get out of that business.
This credit card could not have been the source of the unknown interest, so I called the customer service phone number conveniently located on the tax form. Someone from Bank of America answered right away. After providing my account number, the customer service representative quickly had an answer for me, even before I asked the question.
The interest reported on this 1099 apparently comes from the security deposit I placed with my landlord company when I moved in last year. At first, I was disappointed that I would have to pay tax on this interest even though I have no access to the account. However, I added the interest information to my tax return in progress at TaxAct, and it resulted in no change in my tax due. Perhaps it’s just not a significant enough amount.
Updated February 6, 2012 and originally published January 24, 2008. If you enjoyed this article, subscribe to the RSS feed or receive daily emails. Follow @ConsumerismComm on Twitter and visit our Facebook page for more updates.