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posted May 2, 2021 11:42:56 AM

Is there a minimum about of interest income that has to be reported?

I didn't get a 1099 INT from my bank on my interest bearing accounts, and I'm wondering if there is a minimum amount of interest needed to produce a 1099 INT

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3 Replies
Level 15
May 2, 2021 11:45:52 AM

@jnicholls210 wrote:
......I'm wondering if there is a minimum amount of interest needed to produce a 1099 INT

Generally, it is $10 or more.

 

See https://www.irs.gov/instructions/i1099int#idm140190795224752

Level 15
May 2, 2021 11:50:59 AM

But anything over 50 cents must be reported on your tax return, even if you did not get a 1099-INT.

Level 15
May 2, 2021 12:23:55 PM

@SweetieJean wrote:

But anything over 50 cents must be reported on your tax return, even if you did not get a 1099-INT.

That is true. Further, and technically, anything over 49 cents must be reported since 50 cents rounds up.