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Returning Member
posted Feb 27, 2022 6:12:28 AM

Do I need to report savings account interest if the interest paid was between $1 and $10? I did not receive a 1099-INT form because interest paid was less than $10.

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1 Replies
Expert Alumni
Feb 27, 2022 6:33:08 AM

Yes, to file a complete and accurate tax return you need to include any amount of interest income you received for the year.   There is not a minimum threshold that must be met before it is required to be reported.  

 

There is a minimum reporting requirement for the bank to determine whether a Form 1099-INT is issued.  You will report your interest income as if you did receive the Form 1099-INT with the income reported in box 1.  

 

Use these steps to go to the interest income section of your return:

  • On the top row of the TurboTax online screen, click on Search (or for CD/downloaded TurboTax locate the search box in the upper right corner)
  • This opens a box where you can type in “1099-INT” (be sure to enter exactly as shown here) and click the magnifying glass (or for CD/downloaded TurboTax, click Find)
  • The search results will give you an option to “Jump to 1099-INT
  • Click on the blue “Jump to 1099-INT” link