Interest payment

[Ozkozk]

Hello, 

Hello,

does saving account interest payment less than $5 per year need to be reported as an income? And secondly do foreign bank accounts less than $50 in the balance without interest payment need to be reported as income for resident aliens for taxt purposes? Thanks

[DaveF1006]

Yes, all interest payments should  be reported no matter the amount. Secondly, you do not need to report your foreign account balance as taxable income unless you receive an interest payment from that account.