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What if I didn't get a 1099 int from my bank?
Is there a limit on interest earned that has to be claimed?
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Any amount of income that is more than 49 cents is reportable and taxable.
If the amount is less than $10, the bank does not have to send you a 1099-INT, but you are required to report the income. You report it as if the bank had sent you a 1099-INT. Just put the bank name as the payer and put the interest in Box 1.
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This forum does not allow posting the account # for some reason. This is why posting in this weird format. It is not like this is a secret ...
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Will I need to file an amendment? My taxes have been accepted & I wasnt expecting this form, it was almost $20 in interest
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The correct answer is to amend your return. This will have to be your decision. Maybe the tax on the $20 is 25% or $5.00. I don't think the IRS will send you a notice for $5.00.
It is your decision.
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Why would the tax on $20 be 25%? It's just added to your total income which probably won't change anything.
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Right, the interest of $20 will be taxed at the same rate as the rest of your income. Generally, the IRS will let a tax difference of less than $25 go.
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