Solved: Does interest income in 2017 of $3.42 from a bank need to be reported?
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Does interest income in 2017 of $3.42 from a bank need to be reported?

 
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Level 8

Does interest income in 2017 of $3.42 from a bank need to be reported?

Yes. All income must be reported. It does not matter if you don't receive an information return (1099-INT). You must report it.

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Level 8

Does interest income in 2017 of $3.42 from a bank need to be reported?

Yes. All income must be reported. It does not matter if you don't receive an information return (1099-INT). You must report it.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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New Member

Does interest income in 2017 of $3.42 from a bank need to be reported?

If you received less than $10 in interest from your financial institution, they're not required to send you Form 1099-INT, but you're still supposed to report the interest.

Although you didn't get a 1099-INT, report the interest in the 1099-INT section:

  1. Open your return (or continue if it's not already open).
  2. Inside TurboTax, search for 1099-INT or 1099INT (lower-case also works) and then click or tap the "Jump to" link in the search results.
  3. Answer Yes to Did you receive any interest income?
    • If you see Here's the interest we have so far, click or tap Add interest income.
  4. On the following screen, select I'll type it in myself or Continue.
  5. On the next screen, Let's get your 1099-INT or brokerage statement details:
    • Enter the name of your financial institution in the Received from field.
    • Enter the interest amount in Box 1.
  6. Click or tap Continue.
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