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Do I have to file a form from fidelity that says de minimis

 
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4 Replies
MaryK4
Expert Alumni

Do I have to file a form from fidelity that says de minimis

Can you provide more details-- is there a form number anywhere?

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rjs
Level 15
Level 15

Do I have to file a form from fidelity that says de minimis

Yes. You have to report all your income, no matter how little it is. When Fidelity says it's de minimis, it means they did not send it to the IRS because they were not required to. But you still have to report the income. However, if an amount is less than 50 cents, you do not have to report it and should not enter it in your tax return.


If you look in the top right corner of the first page of the Fidelity form, under the account number, I think you will see a line in small print that says "Due to de minimis rules this form is not filed with the IRS."

 

Do I have to file a form from fidelity that says de minimis

Ok it is a very small amount of money, about 20 cents, so I’m assuming I should not even report that?

rjs
Level 15
Level 15

Do I have to file a form from fidelity that says de minimis

That's right. You don't report 20 cents of income. All amounts on a tax return are rounded to whole dollars. The 20 cents would be rounded to zero. So don't even enter it. The IRS will not expect to see it on your tax return.

 

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