The statement should be received by January 31 following the tax year. An explanation of the types of reporting follows. Interest is reportable as income for the period it's earned, and not when it's received.
Interest income is exempt from state and local income taxes.
The interest may or may not be subject to federal taxes. If so, the interest accrued on the bond is taxable. This reflects tax withheld as backup withholding . If you didn't give your social security number to the payer, you're subject to backup withholding at the rate of 31 percent. Include this amount on your income tax return as tax withheld.