AliciaP1
Expert Alumni

Get your taxes done using TurboTax

Interest from a US bank account for that amount of money is not reported to the IRS by the bank.  It has to be at least $10 for the bank to report the income. 

 

Per the IRS the bank has to:

File Form 1099-INT, Interest Income, for each person:

To whom you paid amounts reportable in boxes 1, 3, or 8 of at least $10

For whom you withheld and paid any foreign tax on interest; or

From whom you withheld (and did not refund) any federal income tax under the backup withholding rules regardless of the amount of the payment.

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