Solved: If it's more than 49 cents, you're supposed to report it....

If your interest on your checking account for the entire year is less than $1 do you need to report it on your tax return?

posted

If it's more than 49 cents, you're supposed to report it. Will it make a difference on your taxes? Probably not.

49 cents' worth of interest, or less, gets rounded down to $0, so no need to report that.

If it's more than 49 cents, you're supposed to report it. Will it make a difference on your taxes? Probably not.

49 cents' worth of interest, or less, gets rounded down to $0, so no need to report that.

If your interest on your checking account for the entire year is less than $1 do you need to report it on your tax return?