Yes, to file a complete and accurate tax return you need to include any amount of interest income you received for the year. There is not a minimum threshold that must be met before it is required to be reported.
There is a minimum reporting requirement for the bank to determine whether a Form 1099-INT is issued. You will report your interest income as if you did receive the Form 1099-INT with the income reported in box 1.
Use these steps to go to the interest income section of your return:
- On the top row of the TurboTax online screen, click on Search (or for CD/downloaded TurboTax locate the search box in the upper right corner)
- This opens a box where you can type in “1099-INT” (be sure to enter exactly as shown here) and click the magnifying glass (or for CD/downloaded TurboTax, click Find)
- The search results will give you an option to “Jump to 1099-INT”
- Click on the blue “Jump to 1099-INT” link
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