Skip to main content
Level 2
March 9, 2022
Question

Less than $10 interest

  • March 9, 2022
  • 1 reply
  • 7 views

I have been told that if you earn less than $10 on a banking account you do not need to claim it on your taxes. But, I got a 1099 for $7.23. Can I just ignore the 1099 or do I have to include it?

    1 reply

    Alumni - Intuit
    March 9, 2022

    Although payers don't have to provide a 1099-INT for amounts under $10, you are still required to report any interest earned and credited to your account during the year.

    **Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"