If I have a Personal Savings account with American Express and have earned some interest through that, should I have to include those details while filing tax?
034257
1 Best answer
ttax2
Level 2
Jun 1, 2019 10:46:31 AM
If they sent you a 1099-INT, then do include it. If the interest is under $10 (?), then they do not have to send you the form. So, the next question is whether the IRS will come after you if you don't include the interest.
3 Replies
ttax2
Level 2
Jun 1, 2019 10:46:31 AM
If they sent you a 1099-INT, then do include it. If the interest is under $10 (?), then they do not have to send you the form. So, the next question is whether the IRS will come after you if you don't include the interest.
shrumsowen11
Level 1
Jun 1, 2019 10:46:32 AM
If I did not include this form, unknowingly, will IRS come to arrest me?
ttax2
Level 2
Jun 1, 2019 10:46:34 AM
No. They will probably send you a form letter explaining what they found to be missing, plus an amount to play (plus interest and penalties for late filing). Sent the money and they will be 'happy'.