Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Apr 14, 2021 9:22:07 PM

If I made less than $5 in interest from my savings account and from investments made through Robinhood and I did not get any 1099 forms, do I need to report it?

0 1 709
1 Replies
Expert Alumni
Apr 15, 2021 6:35:50 AM

Yes, you are required to report all of your 'worldwide' income on your tax return.  There is not a minimum amount per source that would allow it to be excluded.  

 

Instead, there is a minimum limit that must be reached for the bank to be required to issue you a Form 1099-INT reporting the interest.

 

Whether or not you received the Form 1099-INT, use the following steps to go to the section of your return to enter your interest income as if it were reported in box 1:

  • 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 “interest income” and click the magnifying glass (or for CD/downloaded TurboTax, click Find)
  • The search results will give you an option to “Jump to interest income
  • Click on the blue “Jump to interest income” link and enter your information