I'm preparing my taxes with Turbotax, and its asking me for all the bank accounts I earned interest from. One of these accounts has earned less than $10 total for the year. Because of that this bank is not providing me with a 1099-INT form.

Since I earned less than $10 from that bank, can I skip reporting this bank to Turbotax/my tax filing? If not, how do I report the interest without the bank giving me a 1099?

marked as duplicate by Nathan L, JoeTaxpayer taxes Feb 10 '17 at 17:18

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Yes, you must report it. I believe the cutoff is $0.49 or less (yes, 49 cents).

From the TurboTax site itself:

If I received less than $10 of interest from my credit union, do I need to declare it? It looks like they are not required to send out a form unless it is over $10.

The credit union is not required to send a form if the amount is less than $10. You, however are required to report all income, no matter how small, and regardless of whether you got a form or not. The IRS allows rounding, so an amount of 49 cents or less rounds to 0 and is not reportable. An amount of more than 49 cents is reportable and taxable. You can find the amount of interest that your credit union paid on your year end statement. You can report that as if you got a 1099-INT (although credit unions call it a dividend, it is actually interest). Just put the credit union name as the payer and put the interest in Box 1.

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    The banks I've used didn't/don't issue a 'year-end' statement as such, but each monthly statement has interest year-to-date and YTD in December statement is the yearly total. – dave_thompson_085 Jan 28 '17 at 0:30
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    Here's an idea: if I have 1 million bank accounts that all earned 49 cents in interest in a year, I don't have to report them. Woohoo! – TTT Jan 28 '17 at 2:53
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    @TTT At current interest rates of 0.01% on checking accounts, you must be having $5K or less in those million bank accounts, making your net worth $5 billion or so. You sure that I in your name does not stand for Trump? – Dilip Sarwate Jan 28 '17 at 3:49
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    @DilipSarwate - I think I saw some MM accounts with 1% interest recently. Then I'd only need $50M in the bank. That's trump change. – TTT Jan 28 '17 at 6:14
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    @Mehrdad - not sure what that scenario has to do with earning interest from a bank. Interest income is income and must be reported. Your friend paying for slightly more of a dinner bill isn't income. At minimum, it's a gift, but because you're not receiving the cash it doesn't count as a gift for tax purposes. – BobbyScon Jan 28 '17 at 13:13

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