The Financial Institution is not required to send a form if the amount is less than $10.
You, however are required to report all income, no matter how small, and regardless of whether you got a form or not. The IRS allows rounding, so an amount of 49 cents or less rounds to 0 and is not reportable.
Form 1099-INT reports interest from banks, brokerages, and other financial institutions. Here's how to enter a 1099-INT:
- Open (continue) your return if it's not already open.
- Inside TurboTax, search for 1099-INT and select the Jump to link in the search results.
- Answer Yes to Did you receive any interest income?
- If you see Here's the interest we have so far, select Add interest income.
- On the following screen, select how you want to enter your 1099-INT (import or type it in yourself) and follow the on-screen instructions.
