topic Interest on savings but may not be filing taxes this year in Get your taxes done using TurboTax

Interest on savings but may not be filing taxes this year

datajana — Tue, 24 Feb 2026 07:10:03 GMT

Hello.

I am self-employed, doing small online gig jobs.

I have nearly ten dollars in interest on my savings at the moment. However, I might not make the minimum $400 to file.

Would I still file regardless, and just input the amount of income I made?

Thank you.

Re: Interest on savings but may not be filing taxes this year

Opus 17 — Fri, 11 Aug 2023 01:14:18 GMT

The answer to the question you asked is that if your only income is from self-employment of less than $400 and bank interest of less than $10, you are not required to file a tax return. If you file a tax return for any reason, you must report all your taxable income, no matter how small. With the facts you state, if you did file a tax return, you would not actually owe any income tax anyway.

The answer to the question that you didn’t ask is “Maybe, especially if you have a loss“. The question you didn’t ask is, “Should I file a tax return for my small business even if I didn’t make a profit?” if you incurred expenses for your side business, but didn’t make a profit, it may be to your advantage to file a tax return for the business, and report the loss, because the loss can be used to offset future income. For example, suppose you started a lawnmowing business and you bought a $2500 riding lawnmower, but you will have less than $2900 of paying customers this year. While you would have a profit of less than $400 and technically not be required to file, it could be to your advantage to file and report the loss, because the loss can offset future profits. It really depends on the nature of your side gigs, and what your expenses were.

Re: Interest on savings but may not be filing taxes this year

datajana — Mon, 08 Jan 2024 10:33:32 GMT

Thank you so very much for your reply, and sorry for my own very late one (I have been ill).

I did make over $10 in interest in my savings, yet didn't even make $300 this year.

Is the fact that I made $10 interest enough for me to file anyway?

Thank you again. I really appreciate it!

Re: Interest on savings but may not be filing taxes this year

Hal_Al — Mon, 08 Jan 2024 13:40:31 GMT

Q. Is the fact that I made $10 interest enough for me to file anyway?

A. No.

The filing requirement (unless you are a dependent) is $13,850 total income or $400 self employment income. You have neither.

So, using another example, you had $150 interest and $300 self employment. That means you had $450 total income and $300 self employment. You still do not need to file.

Re: Interest on savings but may not be filing taxes this year

datajana — Mon, 08 Jan 2024 21:10:54 GMT

I understand. Thank you again.