So I can simply not report 49 cents of interest earned? Bank issued 1099-INT for this 49 cents, and it has the standard warning, "This is important tax information and is being furnished to the IRS. If you are required to file a return, a negligence penalty or other sanction may be imposed on you if this income is taxable and the IRS determines that is had not been reported." I believe IRS has or used to have a policy to not ask about amount under $20. I would feel more comfortable reporting 49 cents as rounded-down 0 dollar in Box 1 Interest Earned instead of not reporting it. Anyone know what would happen if I report 49 cents rounded down as 0 dollar? Thank you.
