Is it required for me to file a 1099-INT form when the interest earned on my BofA savings account is very minimal? It is less than a dollar for the whole year.

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    The IRS allows rounding, 49 cents or less rounds to 0 and is not reportable. 50 cents or more rounds to $1 and is reportable.
    • @jerry2000, Where did you get that information?  I just want to make sure the answer I am getting is from a reputable source.
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    Oh ye of little faith!

    You will find the requirement to report all income at the upper left corner of page 19. of
    the Instructions for Form 1040 at this link:
    http://www.irs.gov/pub/irs-pdf/i1040.pdf
    In the same publication
    you will find the rounding instructions about halfway down the middle column of page 19.

    You will find the requirement to report interest whether or not it is reported to you on a 1099-INT on
    page 57 of IRS Pub.17, which you can find at this link
    http://www.irs.gov/pub/irs-pdf/p17.pdf
    • Thanks again for your help @jerry2000.
    • I received one of these in the mail for the first time this year and was unaware that it was something I had to include in my federal taxes. I already filed federal and received the email that it has been accepted, am I too late to include my 1099-INT? What are my options at this point?
    • you should just have to file an ammended tax form with that info
    • IRS won't give a shit about $1 dude, wtf are you thinking?
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    This is from the BofA web site:

    We only report interest paid on your Bank of America accounts and mail a 1099-INT if you:

    Earned $10.00 or more in interest during the year.
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      BettyinRI -

      That is true, but it does not mean that you do not need to report it, even is it is less than the requirement to send a 1099-INT form (the cost of mailing exceeds the tax).    

      Even if you do not receive a 1099-INT for small amounts does not relieve you of the responsibility of reporting it - and the bank DOES report ALL amounts of interest, no matter how small, to the IRS because they do it electronically - for every account - with no mailing costs.
      • I do not understand this double standard that banks (who have caused the havoc in economy by receiving personal gains in terms of large bonuses, pay raises and promotions) are not on the hook from IRS to report till interest amount of $10.00 is paid out while an individual (you & I who are required to pay for bailing the same institutions) have to report interest if it is >$0.51 in a year.
        May be some one can help me with this logic?
      • kesh00 - The banks DO report ALL interest to the IRS - they just are not required to send YOU a 1099-INT if the interest is under a certain amount.

        The banks don't mail it to the IRS, they transmit it electronically.
      • So how is the filer suppose to get this required info if the banks are not required to send out 1099s if interest is under 10.00?


        I have to report the measley interest on my escrow but have no way to get the info. Anyone know how I can get access to it?
      • You report interest using the 1099-INT interview in TurboTax regardless whether you actually received the form.  TT does not actually send a 1099-INT form to the IRS, it is just the method used to enter interest income - only the amount of interest (and the payer of that interest) that you enter will be reported on your tax return.
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      I once added $6 in interest and the tax went up $12! It pushed me into the next tax bracket. I was right at the line.

      Enter interest as if you had received a 1099-Int  under
      Federal Taxes tab
      Wages & Income
      Choose Explore on my own (if it comes up)
      Interest and Dividends
      Interest on 1099INT - Click the Start or Update button

      Put the interest amount in box 1
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        Strictly speaking you do have to report the interest but our tax payable calculations are in the increment of $10 so it won't change your tax liability if you didn't report $1. I wouldn't worry about filing amendment.
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