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If interest income is 0.02 or 2 cents, do i have to report that?

box one says $0.02
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2 Replies

If interest income is 0.02 or 2 cents, do i have to report that?

No...that rounds to zero and can cause error notices.

 

Amounts of 0.50 or higher. should be reported, but you should just go ahead and round them up to $1.00.

 

Any amounts over $1 you can report as-is and let the software round (supposedly) as appropriate.

 

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*

If interest income is 0.02 or 2 cents, do i have to report that?

Thanks. i added it.  Another download i did from a financial institution added a small amt too.

if i get an error, i will just wipe them out bc both are under 50 cents.

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