Do i have to report all interest income even if it is less than 3 dollars?

I have several accounts that i have received small amounts of interest income. Do i have to report all interest income even if it is less than 3 dollars?

posted

the tax laws make no exceptions for reporting small amounts except for rounding. if your taxes are figured using the tax tables adding $3 might not change your tax at all. if you omitted the $3, it's unlikely the IRS would send you a bill even it did increase your taxes. However, it's a bad habit to get into. $3 this year $50 next year. become rich maybe $100,000 in that year.