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New Member
posted Jan 31, 2023 11:34:20 AM

What is the minimum interest income that must be claimed?

interest income minimum?

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2 Replies
Level 15
Jan 31, 2023 11:50:06 AM

You have to report all your income, no matter how little it is, whether or not you get a 1099-series reporting form.

 

Expert Alumni
Jan 31, 2023 11:51:57 AM

I'm not sure what you're referencing, but:

  • If a bank, financial institution, or other entity pays you at least $10 of interest during the year, it is required to prepare a Form 1099-INT.
  • There is no reporting minimum for an individual.  All 1099-INT should be included on your tax return.
  • If your child's only income is interest and dividend income (including capital gain distributions) and totals less than $11,500, you may be able to elect to include that income on your return rather than file a return for your child. Tax on a Child's Investment.
  • If this was not your question, please give us a few more details.