If I receive $2 interest from my bank and I report it as interest income on my 1040, do I need to include the 1099-INT form? I did not receive a 1099-INT from my bank.

[yatoshura]

It seems like including the $2 to my taxable income did not have any effect on my final tax refund. In this case, do I still need to report the $2 even though I did not receive the 1099-INT from my bank?

Do I need to pay taxes for the $2 interest?

Can I state NO to having a foreign bank account if I have one and the total amount is less than $3000? (It seems like stating YES, will not ask me for the exact amount if its less than $10,000 anyway so maybe it does not make any difference for this small amount?)

Please correct me if I'm wrong with my assumptions above.

Thank you.

[MargaretL]

The bank will not send you a 1099-INT if the interest income is less than $10.  Nevertheless, please report the $2 in interest as your interest income. As you stated, the amount is too small to have any tax treatment, but it should be reported, anyway.

You can select "no" to Foreign Bank question, if your bank balance was not more than $10,000 at any time during 2015.

However, if you have already indicated that you do have a foreign bank account and that the value was not more than $10000, the end result is the same. You are not reporting anything; you don't have to revisit the questions.