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Get your taxes done using TurboTax
All interest earned during the year is taxable for that year, whether or not you received a 1099-INT from the financial institution. A financial institution is only required to issue a 1099-INT if the amount of interest is equal to or greater than $10.00. The only exception to this is for US Savings Bonds. You can report the interest earned annually or at redemption.
May 9, 2021
4:53 PM