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12/07/2015 08:37 9811jashworth|NEW HANOVER COUNTY LIVE |MONTHLY SUMMARY DISTRIBUTION REPORT|P 1 |arncdsrpGROUP TYPE: ABATEMENT/RELEASES CHARGE DESCRIPTION ___ ___ YEAR WB1 WB1LDATE RANGE: 11/01/2015

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What is interest?

Interest is the amount of money that is charged by a lender to a borrower for the use of an asset or sum of money.

Who is required to file interest?

Individuals or entities who have earned interest income from investments or savings accounts are required to file interest.

How to fill out interest?

Interest income should be reported on the appropriate tax forms, such as Schedule B on the IRS Form 1040.

What is the purpose of interest?

The purpose of interest is to compensate the lender for the risk of lending money and to reward the borrower for the use of their assets.

What information must be reported on interest?

The amount of interest income earned, the name of the payer or institution, and any additional details required by the tax authorities.

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