Will Beth need to report interest from multiple savings accounts with Forms 1099-INT?

Beth needs to report interest from multiple savings accounts using Forms 1099-INT, and the correct approach is to list each account's interest on Schedule B. This form is specifically designed to capture the details of interest income, especially when it comes from various sources. Reporting on Schedule B allows taxpayers to provide accurate information about their interest income, ensuring that their tax returns are complete and in compliance with IRS regulations.

When taxpayers receive multiple Forms 1099-INT, it's important to aggregate the information on Schedule B for clarity and accuracy. This schedule not only helps in reporting interest income but also offers details about foreign accounts, which may have reporting requirements. By listing each source of interest income, Beth ensures transparency and avoids potential issues with the IRS regarding unreported income.

In certain scenarios, taxpayers may be able to simplify their reporting by stating total interest income on their main tax return, but when it encompasses multiple accounts, especially exceeding a specific threshold, itemizing on Schedule B is the prudent and correct method.