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New Member
posted Jan 19, 2023 9:18:09 AM

Do I have to declare bank interest less than $10?

0 2 2020
1 Best answer
Level 15
Jan 19, 2023 9:21:09 AM

Yes, Even if you did not receive a Form 1099-INT, or if you received interest under $10 for the tax year, you are still required to report any interest earned and credited to your account during the year. The interest earned is entered in the Investment Income section of the program.

 

 
 
How do I report interest if no 1099 is being issued?
  1. Open your Tax return.
  2. Click on Federal >Wages & Income.
  3. Click on Interest and follow the onscreen instructions.

 

2 Replies
Level 15
Jan 19, 2023 9:21:09 AM

Yes, Even if you did not receive a Form 1099-INT, or if you received interest under $10 for the tax year, you are still required to report any interest earned and credited to your account during the year. The interest earned is entered in the Investment Income section of the program.

 

 
 
How do I report interest if no 1099 is being issued?
  1. Open your Tax return.
  2. Click on Federal >Wages & Income.
  3. Click on Interest and follow the onscreen instructions.

 

Level 15
Jan 19, 2023 9:21:18 AM

Do I have to declare bank interest less than $10?

 

Yes, you need to report all of income, regardless of whether or not you receive a tax reporting statement.