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graufc
New Member

I did receive a small amount of interest for my checking/savings accounts (less than $25), but didn't get a 1099-INT from my bank. Do I need to enter this on my taxes?

 
1 Reply
Carl
Level 15

I did receive a small amount of interest for my checking/savings accounts (less than $25), but didn't get a 1099-INT from my bank. Do I need to enter this on my taxes?

Yes, you do. If you're like me, the interest received is so negligible it makes no difference in my tax liability. But the penalty if I get audited for not reporting the income, is not negligible. So report it. 🙂

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