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
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