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Usually the bank will send you a Form 1099-INT that lists how much interest was earned for the tax year. Whether or not you have received the form, you can enter interest income into TurboTax online by:
Usually the bank will send you a Form 1099-INT that lists how much interest was earned for the tax year. Whether or not you have received the form, you can enter interest income into TurboTax online by:
What if the interest is only .20? We wouldn’t get a form from the bank and we technically need to report it, right?
@Madridinwinter
The IRS permits tax software companies to use rounding on amounts that are entered.
So, in your case, TurboTax would round $0.20 down to zero, and there is no requirement to report zero interest.
Don't enter this amount and don't worry about it.
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