Bank savings interest payment received

[sierrajcurry]

I received an interest payment from my bank to my savings. It was only 1 cent, do I still have to report it?

[DaveF1006]

No. Don't even bother reporting this small amount. I am sure the IRS would be the first to thank you for this.

[turnkey-commerce]

Yes, although it seems a waste of time you need to report it even if you didn't receive a 1099-INT for it.

[robtm]

Income less than $10 does no need to be reported. Especially if you round cents of .01-.49 to lower amount then you would not have anything to report.

[sierrajcurry]

Ok so I should report the 1 cent even if it doesn’t make the 10$ limit? Other people have told me I don’t need to file, so I am a bit confused.

[SteamTrain]

@sierrajcurry 

Only amounts of 50 cents or greater.   IF you enter an amount of 49 ents or lower, the software will (sometimes) generate an error, because it got rounded to zero.   So unnecessary for amounts less than 50cents.

__________

For amounts of 50 cents or higher, you are supposed to report them...even if the bank does not issue a 1099-INT.     The $10 reporting requirement was only for the banks themselves to not have to issue tons of piddling 1099-INT forms (though some may still do so).   You are still supposed to report that income on your taxes.....but just with any amounts of 50 cents or higher.