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Level 2
posted Mar 9, 2022 3:14:24 PM

Less than $10 interest

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?

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1 Replies
Expert Alumni
Mar 9, 2022 3:23:01 PM

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.