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sdschiltz
New Member

Do I have to report my 1099 INT if thhe total short term gain proceeds are 14.12? I also have a 1099B that says my proceeds are 5.49 cents is that required to report

What shoulld I be looking at on the 1099 INT or 1099 B to see if I have to report it?
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2 Replies
ThomasM125
Employee Tax Expert

Do I have to report my 1099 INT if thhe total short term gain proceeds are 14.12? I also have a 1099B that says my proceeds are 5.49 cents is that required to report

Technically, you are required to report those small income amounts. If you don't report them you may get a notice from the IRS assessing additional tax and penalty, but the amount due would be minimal since the dollar amounts are so small.

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Do I have to report my 1099 INT if thhe total short term gain proceeds are 14.12? I also have a 1099B that says my proceeds are 5.49 cents is that required to report

It is wise to include EVERYTHING in your return which you have an IRS form for. Otherwise, you may be engulfed in a circuitous cycle of computer generated letters and responses.

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