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Level 1
October 16, 2022
Question

Reporting interest income

  • October 16, 2022
  • 2 replies
  • 26 views

If you have interest income, you have to upgrade Turbo Tax. My interest income in 2021 was $4.52. If I choose not to upgrade, what will happen by not reporting $4.52 in interest income? Will I be taxed on that later with penalties? Or is there any consideration for such a low amount of interest income?

2 replies

DoninGA
Level 15
Level 15
October 16, 2022

With an amount of interest less than $10 it is doubtful the amount would change the taxes on your taxable income.  

Do not worry about this low amount of interest.

Critter-3
Level 15
October 16, 2022

If that is the only interest you have and the ONLY reason for upgrading  then simply ignore that small amount since the IRS will as well.