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Do i report the interest made on my Savings account that was less than $1 per month, or at times less than $0.50 per month

 
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MinhT1
Employee Tax Expert

Do i report the interest made on my Savings account that was less than $1 per month, or at times less than $0.50 per month

Yes, you have to report the total interest for the whole year. The bank will not send you form 1099-INT if the total interest for the year is less than $10. But you still have to report it. You report the interest received as if you had received a form 1099-INT.

 

 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.  Navigate to the list Income categories
  4. Locate the section Interest and Dividends and click on the arrow on the right
  5. Click Start next to Interest on 1099-INT.
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