- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Does interest income in 2017 of $3.42 from a bank need to be reported?
Topics:
June 6, 2019
2:36 AM
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
After you file
Yes. All income must be reported. It does not matter if you don't receive an information return (1099-INT). You must report it.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
**Mark the post that answers your question by clicking on "Mark as Best Answer"
June 6, 2019
2:36 AM
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
After you file
If you received less than $10 in interest from your financial institution, they're not required to send you Form 1099-INT, but you're still supposed to report the interest.
Although you didn't get a 1099-INT, report the interest in the 1099-INT section:
- Open your return (or continue if it's not already open).
- Inside TurboTax, search for 1099-INT or 1099INT (lower-case also works) and then click or tap 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, click or tap Add interest income.
- On the following screen, select I'll type it in myself or Continue.
- On the next screen, Let's get your 1099-INT or brokerage statement details:
- Enter the name of your financial institution in the Received from field.
- Enter the interest amount in Box 1.
- Click or tap Continue.
June 6, 2019
2:36 AM