DO I HAVE TO REPORT SAVINGS ACCOUNT INTEREST ?

Forum|Forum|2 years ago
April 2, 2024
2 replies
4 views

JUST A SAVINGS ACCOUNT

TurboTax Free Edition Online

MinhT1

Level 15

Yes.

You have to report all income. Interest is reported on form 1099-INT. Even if you didn't receive that form, you have to report the income as if you received the form.

In TurboTax Online, you can enter your form 1099-INT by following these steps:

Open your tax return
Click on Federal in the left-hand column, then on Wages & Income
Locate the section Interest and Dividends and click on the arrow on the right
Click Start next to Interest on 1099-INT.

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Mike9241

Level 15

all income is supposed to be reported. you can omit it and file and see if the IRS sends you a bill that would include the additional taxes, penalties and interest. The IRS might not if the amount is extremely small and your taxes don't change. Not reporting everything is a poor practice to get into.

others may offer free-file in which you can report the interest.

https://www.irs.gov/filing/free-file-do-your-federal-taxes-for-free

Mike9241