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New Member
posted Apr 2, 2024 10:45:08 AM

DO I HAVE TO REPORT SAVINGS ACCOUNT INTEREST ?

JUST A SAVINGS ACCOUNT

0 2 4559
2 Replies
Expert Alumni
Apr 2, 2024 10:48:55 AM

Yes.

 

You have to report all income. Interest is reported on form 1099-INT. Even if you didn't receive that form, you have to report the income as if you received the form.

 

In TurboTax Online, you can enter your form 1099-INT by following these steps:

  1. Open your tax return
  2. Click on Federal in the left-hand column, then on Wages & Income 
  3. Locate the section Interest and Dividends and click on the arrow on the right
  4. Click Start next to Interest on 1099-INT.

Level 15
Apr 2, 2024 10:53:13 AM

all income is supposed to be reported. you can omit it and file and see if the IRS sends you a bill that would include the additional taxes, penalties and interest. The IRS might not if the amount is extremely small and your taxes don't change. Not reporting everything is a poor practice to get into.

 

 

others may offer free-file in which you can report the interest. 

https://www.irs.gov/filing/free-file-do-your-federal-taxes-for-free