FYI, the iRS rules they are referring to are not new. The $10 limit has been in effect for as long as I remember and I've been doing this for over 45 years.
That being said, if you are required to file a Federal income tax return, you are required to include all taxable income whether or not the payer has to send you a form reporting it to you and the IRS.
FYI, the iRS rules they are referring to are not new. The $10 limit has been in effect for as long as I remember and I've been doing this for over 45 years.
That being said, if you are required to file a Federal income tax return, you are required to include all taxable income whether or not the payer has to send you a form reporting it to you and the IRS.
The three accounts do not individually have interest income greater than $10 but the sum of the interest from all there accounts is greater than $10. Do I enter each account on a separate line for the bank or just enter the (greater than $10) value for the sum of the accounts as a single entry for the bank ?
Either way will be fine. The IRS only requires a complete Schedule B if your total interest and/or dividends exceeds $1,500.