Yes, that is correct. The IRS does round up for $.50 and higher, they round down for $.49 and lower. That being said, if you have other interest then you should add this dollar, however if this is the only interest income you have then below $1, you may be all right to file without it.
It's rare that $1 makes the difference in shifting a person to another tax bracket because the brackets change at $50 increments in the tax table. Here are the tables if you want to check it out.
- IRS 2021 Tax Tables (used with the taxable income on line 15, Form 1040 if there are no capital gains).
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