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.
To enter interest income (without a 1099-INT):
- Open
your return (if not already open).
- Click on
“Take me to my return” if applicable.
- Search
for "1099-int" in the Search box.
- Click on
the “Jump to 1099-int” link.
- Arrive
at the Let's get your 1099-INT or brokerage statement
details page.
- Enter
source of income in the Received from field.
- Enter
interest income in the Box 1 - Interest income field.
