Throughout the year I see little additions to my checking account for interest. These are pretty small. When I received my 1099-INT, all values were $0.00. Is this a mistake, or did I just receive to little interest to be mentioned?
If you earned interest from an institution/account then you will have to put it on the appropriate tax form or worksheet. If the amount is small < $10 the bank/institution does not have to send you a 1099-Int but you still have to report it.
My credit union sends me a 1099-INT for each sub-account, even if that account doesn't reach that $10 limit, becasue the total is > $10. This means that they can send you one if the amount is < $10.
I am surprised that a 1099-INT was issued with an interest earned of $0.00. In light of the fact that you earned some small amount of interest, that means that their computer made a mistake. I would contact them. Maybe everybody is getting one that says zero. Maybe only you.
You should look at the monthly statements or log into the banks website and calculate the interest yourself. Sometimes they have a copy of the 1099-INT on line, sometimes they have a place which lists the amount of interest earned during the year.
In the Creative Solutions tax preparation software interest totals less than $5 at least used to be rounded down to zero and not even entered on the form. Between $5 and $10 rounded up to $10. I asked the CPAs, one of which had worked in product support for the company that produced Creative Solutions and I was told amounts that small were considered immaterial.
It’s true that doesn’t explain for sure your situation. Only your bank can tell for sure. But it’s possible similar reasoning was used. I had a bank account with positive but close to zero interest and I didn’t even get a 1099 for at least one year.