One of my bank accounts earned $1.50 for the entire year. Because the amount is under $10 they did not send a 1099-INT form.

Is this bank policy or IRS policy? Does that $1.50 need to be reported?

I'm not worried about the difference that this small amount makes on my taxes bur rather what is legally required.


IRS doesn't require 1099 to be filed for payments of less than $10. It is, however, taxable income.

The fact that 1099 wasn't filed with the IRS doesn't affect your tax liabilities.

If for example you have a private loan (say to a family member) and get paid interest on it, the payer will also probably not file 1099-INT with the IRS. However the interest you're being paid is taxable income to you and should be reported on Schedule B.

  • 2
    There's no need for schedule B unless your interest or dividends go over $1500.
    – jonsca
    Mar 27 '14 at 11:01
  • 1
    @jonsca there are additional requirements to when Schedule B is required, not just the $1500. But in any case, even without Schedule B, you still put the amounts on your 1040 (line 8). I suggest always attaching schedule B - no harm in having it.
    – littleadv
    Mar 27 '14 at 16:58

Your Answer

By clicking “Post Your Answer”, you agree to our terms of service, privacy policy and cookie policy

Not the answer you're looking for? Browse other questions tagged or ask your own question.