topic My bank issued 1099-INT for 49 cents of interest earned in 2022. How do I report this? in Get your taxes done using TurboTax

My bank issued 1099-INT for 49 cents of interest earned in 2022. How do I report this?

KoalaBear1 — Mon, 23 Feb 2026 09:42:06 GMT

Surprisingly, my bank issued 1099-INT form for 49 cents of interest. IRS rounds up or down all #s and so do all tax programs. So 49 cents will round down to 0 dollar. Do I just enter this bank as payer and enter 0.49 in Box 1 Interest Income and let the program round down to 0 dollar, and just report 0 dollar to IRS? I don't see there's a way to report it as 49 cents, and since 49 cents of interest is being furnished to IRS, and I think I'm required report even if it rounds down to 0 dollar. Anyone know how to handle this? Thank you.

Re: My bank issued 1099-INT for 49 cents of interest earned in 2022. How do I report this?

DoninGA — Mon, 30 Jan 2023 22:30:47 GMT

Since the interest is less than $0.50 you can disregard the interest and it would not be entered on your tax return.

Re: My bank issued 1099-INT for 49 cents of interest earned in 2022. How do I report this?

KoalaBear1 — Mon, 30 Jan 2023 23:08:40 GMT

So I can simply not report 49 cents of interest earned? Bank issued 1099-INT for this 49 cents, and it has the standard warning, "This is important tax information and is being furnished to the IRS. If you are required to file a return, a negligence penalty or other sanction may be imposed on you if this income is taxable and the IRS determines that is had not been reported." I believe IRS has or used to have a policy to not ask about amount under $20. I would feel more comfortable reporting 49 cents as rounded-down 0 dollar in Box 1 Interest Earned instead of not reporting it. Anyone know what would happen if I report 49 cents rounded down as 0 dollar? Thank you.

Re: My bank issued 1099-INT for 49 cents of interest earned in 2022. How do I report this?

VolvoGirl — Mon, 30 Jan 2023 23:11:47 GMT

Don't worry about it. I can't believe the bank gave you a 1099INT for 49 cents. They should not send you a 1099 for less than $10.