My grandpa lives in Texas and has been retired for a few years now so he does not file anymore. He has a personal savings account that he has had for many years now but this is the first year that he receives a form 1099-INT and on box 1 it has $33.74. Does he now have to file or does he need to do anything with this form?
He may still be required to file a federal tax return even though Texas does not have a personal income tax. If he is single, he will be required to file a tax return if his taxable income is more than $12,400. Taxable income includes IRA and 401(k) withdrawals but does not include basic social security. If he files a tax return, he must report all of his taxable income.
If this interest statement is his only income other than Social Security, he would not be required to file a return.
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