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Level 6
posted Mar 4, 2022 12:44:48 PM

If bank doesn't issue 1099-INT because of interest is less than $10, will IRS know it?

I am just curious. My bank doesn't issue me the 1099-INT form as the interest I earned was less than $10 in 2021. Will IRS still know I earn these interests?

 

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1 Best answer
Level 15
Mar 4, 2022 12:49:40 PM

The IRS gets all information about interest.  Technically, there is no minimum reportable income: any interest you earn must be reported on your income tax return. So, even if you don’t receive a Form 1099-INT, you are still legally required to report all interest on your taxes. Any amount of tax-exempt  interest still needs to be reported on your income tax return because it could impact your tax return. 

1 Replies
Level 15
Mar 4, 2022 12:49:40 PM

The IRS gets all information about interest.  Technically, there is no minimum reportable income: any interest you earn must be reported on your income tax return. So, even if you don’t receive a Form 1099-INT, you are still legally required to report all interest on your taxes. Any amount of tax-exempt  interest still needs to be reported on your income tax return because it could impact your tax return.