topic Re: Reporting interest under $1 in Get your taxes done using TurboTax

Reporting interest under $1

okatay — Wed, 11 Mar 2020 20:58:59 GMT

My broker issued me a 1099-DIV and 1099-B and 1099-INT.

Report everything on 1099-DIV and 1099-B is no problem.

But as for interest, I had only 9 cents . If I enter it, will it round down to zero and i cannot show it? If I can not show it is it ok?

I called the broker they said this 1099-INT is for my information only, in a consolidated tax form since I had those other 1099s and the 1099-INT doesn't get reported to IRS because it is below $10.. Would it be correct? (because on the 1099-INT there is a wording that it is a tax document which is being supplied to IRS but it is a generic wording may be?) . I mean i have no problem of reporting 9 cents interest, I only want to know what happens if software doesn't allow it.

Re: Reporting interest under $1

MarilynG1 — Wed, 11 Mar 2020 21:21:33 GMT

Yes, that is correct, you don't report the 1099-Int with amount under $1 in your return.

Just keep it for your records.

Re: Reporting interest under $1

okatay — Thu, 12 Mar 2020 07:42:33 GMT

ok so it is not just zero but also it will not be reported at all, even if there is a 1099-int for it and it is ok, because it is less than $1 ?

Re: Reporting interest under $1

okatay — Thu, 12 Mar 2020 07:45:05 GMT

i mean it will not even appear ... (appearing with zero is different than not appearing at all no?)... and it is ok? i ask because they did a 1099-int and although they say it is for my info and it is not sent, on it is writes it is being furnished to irs so i hope it will not be conflict

Re: Reporting interest under $1

KatrinaB48 — Thu, 12 Mar 2020 15:43:51 GMT

You are not required to file this form. Only forms with $.50 and up are filed.

Re: Reporting interest under $1

tk94110 — Fri, 13 Mar 2020 04:19:05 GMT

I am required to report some financial accounts in Japan and I am required to file form 8938. The form has a line that I have to tell in which form I am reporting the interest. So I write Schedule B, Line 1. Because of that, the fractional interest amounts need to be listed in my case (otherwise IRS might think I made a mistake).

Actually, in last year's tax return shows the amount to the cents. Has this changed for the 2019 tax filing?

Re: Reporting interest under $1

okatay — Sat, 14 Mar 2020 07:01:11 GMT

okay so it means, even if we wanted to show it, when we enter few cents, it will not show the entry at all correct? so, when it rounds down to zero it is not possible to show it as a zero dollar entry, even if we wanted to correct? (please disregard the other user's question here above when answering me, but feel free to answer him separately).

Re: Reporting interest under $1

JohnB5677 — Mon, 16 Mar 2020 18:13:15 GMT

You can round off cents to whole dollars on your return and schedules. If you do round to whole dollars, you must round all amounts. To round, drop amounts under 50 cents and increase amounts from 50 to 99 cents to the next dollar. IRS Rounding of numbers.

Re: Reporting interest under $1

okatay — Wed, 18 Mar 2020 21:35:48 GMT

ok so we cannot show it at all if below 50 cents because it rounds down to zero, and an entry of zero dollar cannot be shown correct?

Re: Reporting interest under $1

DavidD66 — Wed, 18 Mar 2020 21:40:51 GMT

That's correct. There is absolutely nothing to be concerned about. I would not bother to enter anything.