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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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‎April 8, 2023
12:06 PM