What if I didn't get a 1099 int from my bank?

[snearybush]

Is there a limit on interest earned that has to be claimed?

[jerry2000 · Accepted solution]

Any amount of income that is more than 49 cents is reportable and taxable.

If the amount is less than $10, the bank does not have to send you a 1099-INT, but you are required to report the income. You report it as if the bank had sent you a 1099-INT. Just put the bank name as the payer and put the interest in Box 1.

[thompsondc]

Most banks will generate a 1099-INT for you, if you explicitly ask them.  Because they aren't required to (for amounts under $10), they don't do it automatically.

[mmdegnan]

Is this 49 cents minimum per account or per bank/institution?

[jerry2000]

Per account.

[patrick-shanks]

so you are saying i have to count it all up myself?

[jerry2000]

Yes. You can find the amounts on your year end statements. You are required to report income whether you receive a 1099 or not.

[freesome19]

Chase wont gimme a 1099 INT since my interest was less than $10. I have called chase now multiple times and they are unable to provide a tax ID number which turbo tax keeps asking for while finalizing the state taxes.... Any way around this issue.

[ihristov1]

The federal tax ID for JPMorgan Chase NA is 13, then dash, then 499, then 4650

This forum does not allow posting the account # for some reason. This is why posting in this weird format. It is not like this is a secret ...

[ihristov1]

It seems the restriction is because this 'looks' like an SSN

[briellepope]

I was able to view my 1099-INT online on my banks website. If you do online banking, you may be able to do the same, or go into a branch to request one.

[teejay45]

Will I need to file an amendment? My taxes have  been accepted & I wasnt expecting this form,  it was almost $20 in interest

[KarenJ2]

The correct answer is to amend your return.  This will have to be your decision.  Maybe the tax on the $20 is 25% or $5.00.  I don't think the IRS will send you a notice for $5.00.  

It is your decision.

[GaryB007]

Why would the tax on $20 be 25%?  It's just added to your total income which probably won't change anything.

[AmyC]

Right, the interest of $20 will be taxed at the same rate as the rest of your income. Generally, the IRS will let a tax difference of less than $25 go.

@GaryB007