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drancken
New Member

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?

 
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JuttaS
Employee Writer

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?

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.

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1 Reply
JuttaS
Employee Writer

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?

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.

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