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New Member
posted Oct 16, 2022 4:04:52 PM

Reporting interest income

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?

0 2 380
2 Replies
Level 15
Oct 16, 2022 4:08:56 PM

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.

Level 15
Oct 16, 2022 4:11:40 PM

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.