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Level 1

Question

Interest

Forum|Forum|4 years ago
February 23, 2022
2 replies
8 views

Hello. I've listed all my income for 2021 in my tax form except for interest from my bank accounts. I'm sure it isn't over $20. I've sent a message to the bank but that was many days ago and they haven't gotten back to me yet. What do I need to do? Thanks.

Level 15

Even if you don't receive a 1099-INT form. the IRS states, "All income, such as interest under $10 is taxable unless the law specifically excludes it". If you have online access to your accounts, your December or January statements should have the Year to Date or Prior Year interest on it. Just enter the interest amount(s) as if you had a 1099 INT form.

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Level 15

look at your bank statements. usually, somewhere on them, the YTD interest is reported.

Mike9241