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The Financial Institution is not required to send a form if the amount is less than $10.
You, however are required to report all income, no matter how small, and regardless of whether you got a form or not. The IRS allows rounding, so an amount of 49 cents or less rounds to 0 and is not reportable.
Form 1099-INT reports interest from banks, brokerages, and other financial institutions. Here's how to enter a 1099-INT:
go to Ttax.... Federal taxes/Wages and Income section. go to Interest and dividend
section of that screen....add your interest amount (regardless of how small the amount) on 1099-INT line.
That is where it should be reported even though you did not receive a 1099-INT form.
Hope this helps...
Thanks
Samir
skgeorge108
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