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Interest income was .86 for 2020, I didn't get a 1099-INT. How do I enter this information?

 
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5 Replies

Interest income was .86 for 2020, I didn't get a 1099-INT. How do I enter this information?

Ignore it.
IRS received no info because the amount is too small, and $0.86 won't affect your tax liability.

ErnieS0
Expert Alumni

Interest income was .86 for 2020, I didn't get a 1099-INT. How do I enter this information?

The IRS requires you to enter all income: Your worldwide income is subject to U.S. income tax, regardless of where you reside.

 

Eighty-six cents ($0.86) would be rounded up to $1. When rounding off numbers, drop amounts under 50 cents and increase amounts from 50 to 99 cents to the next dollar. For example, $1.39 becomes $1 and $2.50 becomes $3.

 

You dont need a 1099-INT to enter interest income. Enter the name of your bank and the amount.

  • Type interest in Search in the upper right
  • Click Jump to interest
  • Select Add another 1099-INT
  • Hit Continue on Get ready to be impressed
  • On Let's import your tax info click Change how I enter my form
  • On How do you want to add your 1099‑INT? select Type it in myself
  • Enter the name of your bank and fill in the amounts that match the boxes on your Form 1099-INT
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Interest income was .86 for 2020, I didn't get a 1099-INT. How do I enter this information?

I received a 1099-R from my last municipal job and a W-2 for 0.05 in wages (no letter of explanation).
No $0.05 deposit to the account where my salary and now my retirement goes.
I ignored it. We'll see what happens.

ToddL99
Expert Alumni

Interest income was .86 for 2020, I didn't get a 1099-INT. How do I enter this information?

The IRS will ignore a W-2 reporting less than $1 in wages, so you can ignore it as well.

Interest income was .86 for 2020, I didn't get a 1099-INT. How do I enter this information?

If the interest amount is under $10, you will not receive Form 1099-INT.  Therefore, the interest amount is not reported to the IRS.

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