6 Things You Need To Know About the High-Yield Interest You Earned This Year

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Interest income is considered taxable income by the IRS.

So you want to check whats the reportable requirements for your state.

This form shows the IRS how much each of these institutions paid you.

You will file this with your taxes.

That bank that you earned $6 from is not required to send you a 1099-INT.

However, you should report the $6 from that bank on your tax returns, Gallegos said.

Making sure you have everything covered is always key, Gallegos said.

Additionally, you could buy U.S. treasury bonds to lock in a high interest rate before rates drop.

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