I am preparing my tax return for 2024 with Turbotax premium. Pl. clarify if there is a minimum limit below which I don't have to report the interest earned in the checking and savings accounts with US banks?
regards
011028
1 Best answer
JohnB5677
Expert Alumni
Mar 2, 2025 8:31:41 AM
All income should be reported on you tax return.
However, financial institutions are not required to issue a 1099-INT for less than $10; therefore, the IRS does not get a record of it.
1 Replies
JohnB5677
Expert Alumni
Mar 2, 2025 8:31:41 AM
All income should be reported on you tax return.
However, financial institutions are not required to issue a 1099-INT for less than $10; therefore, the IRS does not get a record of it.