Will the banks report less than $10 interest to IRS?

I know the banks won't issue 1099 INT forms if the interest earned less than $10.

But i just wanted to know if they will still report those less than $10 to IRS anyway.

Thanks.

1005

1 Best answer

Level 15

Feb 22, 2022 4:37:22 PM

IRS is not going to go after you for the tax on less than $10 interest.

And no, IRS does not know about it unless you report it.

Level 15

Feb 22, 2022 4:37:22 PM

IRS is not going to go after you for the tax on less than $10 interest.

And no, IRS does not know about it unless you report it.