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lotadt
New Member

No 1099-INT for $2.58 interest

If Saving interest is less than $3.00 does it need to be reported?
1 Best answer

Accepted Solutions
Marketstar
Level 7

No 1099-INT for $2.58 interest

Yes, per the IRS, all interest income starting with $1.00 must bereported.

To enter interest income:

  • Type in 1099-int in the search box, top right of your screen, then click the magnifying glass

  • Click the jump to 1099-int link in the search results.

  • Follow the onscreen instructions to enter

Arrive at the Let's get your 1099-INT or brokerage statement details page

Enter source of income in the Received from field

Enter interest income in the Box 1 - Interest income field


View solution in original post

3 Replies
Marketstar
Level 7

No 1099-INT for $2.58 interest

Yes, per the IRS, all interest income starting with $1.00 must bereported.

To enter interest income:

  • Type in 1099-int in the search box, top right of your screen, then click the magnifying glass

  • Click the jump to 1099-int link in the search results.

  • Follow the onscreen instructions to enter

Arrive at the Let's get your 1099-INT or brokerage statement details page

Enter source of income in the Received from field

Enter interest income in the Box 1 - Interest income field


coljediv
Level 1

No 1099-INT for $2.58 interest

I have the same situation.  I doubt I will receive a 1099-INT from my bank for 2021 because none of the accounts received more than a few dollars of interest, although the total interest income from that bank was $11 plus change if you total the accounts.  If I receive no 1099-INT, are you saying you just enter it into TT as if you received a 1099-INT?

VolvoGirl
Level 15

No 1099-INT for $2.58 interest

Yes.  I enter all my interest.  I just say Wells Fargo or Bank of America, etc.  and put the amount in box 1.

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