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All interest income is required to be reported on your tax return, regardless of the amount. Generally, a bank may not issue a 1099-INT for interest income less than $10. But you're still required to report it.
Yes, when you have interest income of less than $10, your financial institution is not required to give you a @staceydever
1099-INT form. However, all income needs to be reported. In TurboTax, you would enter the interest "as if" you received form 1099-INT
To enter:
[Edited 04/05/2022|4:07 pm PST]
....well, to clarify... amounts of 50cents or higher are supposed to be reported as a 1099-INT from that bank, even of they didn't send you one.
....amounts of 49cents or less, end up being rounded to zero....and generate a software error as-if it is a blank 1099-INT....thus, you can ignore it only if it's 49cents or less.
________________________
Checking interest % is so pitifully tiny, that interest amounts less than 50cents are possible
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