Is there a limit on interest earned that has to be claimed?
You'll need to sign in or create an account to connect with an expert.
Any amount of income that is more than 49 cents is reportable and taxable.
If the amount is less than $10, the bank does not have to send you a 1099-INT, but you are required to report the income. You report it as if the bank had sent you a 1099-INT. Just put the bank name as the payer and put the interest in Box 1.
Any amount of income that is more than 49 cents is reportable and taxable.
If the amount is less than $10, the bank does not have to send you a 1099-INT, but you are required to report the income. You report it as if the bank had sent you a 1099-INT. Just put the bank name as the payer and put the interest in Box 1.
Will I need to file an amendment? My taxes have been accepted & I wasnt expecting this form, it was almost $20 in interest
The correct answer is to amend your return. This will have to be your decision. Maybe the tax on the $20 is 25% or $5.00. I don't think the IRS will send you a notice for $5.00.
It is your decision.
Why would the tax on $20 be 25%? It's just added to your total income which probably won't change anything.
Right, the interest of $20 will be taxed at the same rate as the rest of your income. Generally, the IRS will let a tax difference of less than $25 go.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
Kiki
Level 4
skyking76
Returning Member
imerperez1
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.