@sierrajcurry
Only amounts of 50 cents or greater. IF you enter an amount of 49 ents or lower, the software will (sometimes) generate an error, because it got rounded to zero. So unnecessary for amounts less than 50cents.
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For amounts of 50 cents or higher, you are supposed to report them...even if the bank does not issue a 1099-INT. The $10 reporting requirement was only for the banks themselves to not have to issue tons of piddling 1099-INT forms (though some may still do so). You are still supposed to report that income on your taxes.....but just with any amounts of 50 cents or higher.
____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*
