All income is required to be reported on the tax return; however, you can use rounding. Therefore, an interest item of less than 50 cents can be omitted.
If a bank, financial institution, or other entity pays you at least $10 of interest during the year, it is required to prepare a Form 1099-INT, send you a copy by January 31, and file a copy with the IRS. See this TurboTax tips article for more information.
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