I believe that all interest is reportable even if not 1099-INT form is received. Thus, I want to report what I found for escrow interest in the statements for 2022.
You are technically correct that you should report the interest, even though the bank is not required to issue a 1099–INT unless the interest amount is more than five dollars. However, as mentioned, the IRS encourages taxpayers to round figures to hold dollar amounts, and since $.41 rounds down to zero, you can leave the interest off your tax return.
Is the reporting interest required by a bank savings and loan a row and etc. for a 1099 INT $5 or $10? I thought it was $10. I am a novice but do read the fine print. I know everything is rounded up or down but I still want to report as a precaution and for future interest could be acquired for this account and other bank accounts.
By law regardless of the amount of interest, it is still reportable regardless if it is rounded to zero.
I still plan to report.