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I've multiple accounts at one bank. No account earned $10 interest, but there was more than $10 collectively. Do I have to pay tax on the total? The bank sent no forms.

 
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1 Reply
AnnetteB6
Expert Alumni

I've multiple accounts at one bank. No account earned $10 interest, but there was more than $10 collectively. Do I have to pay tax on the total? The bank sent no forms.

Yes, you are required to report all of your worldwide income.  

 

The financial institution may not be required to provide you with a tax document if the interest income is under $10, but that does not mean you can exclude it from your income.

 

 

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