Interest income without 1099int

[rcn]

I don't have a BECU 1099-int form.  Do I need one and, if so, how?

[AndreaG · Accepted solution]

It depends. 1099-INT Forms are not required to be issued if the interest earned is less than $10.00. If your interest income is less than this amount, you can probably confirm the amount of interest earned by reviewing a year end bank statement. If you did have interest income of at least $10.00, then you can contact BECU to get a copy of that form and should wait to receive that form so that you can report it correctly on your tax return.

[roho1231]

If my interest income from a bank is only $1 or $2 do I have to report it?

[SteveH7]

I have $1 in interest from my business bank account. Does this need to be reported? If so, is it under Other Income found under Business Income?

[SteveH7]

I found my answer elsewhere. You claim it under your personal taxes even if you didn't get a 1099-INT.

[ReneeM7122]

If interest income is under $10, you won't receive form 1099. 

You'll enter it as if you had received a 1099-INT.  Here is how to report it in TurboTax:

• Click the Federal Taxes tab. ( Select the Personal Tab and Personal Income when using self employed Home and Business)
• Click Wages & Income.
• Click "I'll choose what I work on."
• Scroll down to the "Interest and Dividends" section.
• Click the Start or Update button for "Interest on 1099-INT."

@SteveH7