I received $136 interest income this year. Do I need to report it?

Question

This is the only income except salary which i guess is already taxed. So if I need to report it could you tell me what form do i need to fill and send or should i receive this forms? I never did it before.

Ok, so i need to report it but maybe I don't need to fill any form at all? Last year I didn't. I just received Tax Return filled it and send but and got some of them taxes back.
My total income is about $4000 for this year and I'm not citizen (foreign student).
So should I just wait for that tax return form? Or I should send something first by my self? If so is it f1040EZ form?

If I'm getting it right I'll need to wait for W-2 then fill it and get my tax return?
But then what about interest income tax? I guess they already know it because my bank reported to them but how they going to subtract it?

Answer 1

Yes you must report it but such a small amount can be reported right on your main tax form without additional forms.
It is line 2 on form 1040EZ and you can report up to $1500 without an additional form.

Answer 2

Any of that income that is more than $10 from an individual source is going to be reported to the IRS. The IRS might question at some point in the future why you did not report it. File a 1040 EZ, showing that interest and that you had no other income, thus owing nothing, and you'll have them covered.

The link to the form and instructions are below. It is so simple "even a caveman can do it."

Answer 3

Usually, Yes. You should receive a 1099-INT from the institution where you earned the interest. Even if you do not get a 1099, you are still required to report it. This is usually reported on Schedule B of a 1040 and carried to page 1 of the return just under where your wage income goes. If this is the only interest income you recieved, you can usually just omit Sch. B and just write the interest directly on the line on page 1.

Answer 4

Interest income is reported on the 1040. It's a separate line item from earned income. Should be pretty easy to find when you look at the form.

Answer 5

You report the pastime income contained in the three hundred and sixty 5 days it become "constructively received." this implies you report it at the same time as it become theoretically made accessible to you even if you deposited it or otherwise made use of it. in the adventure that your sister mails you the pastime charge and that is postmarked by technique of December 30, 2010 then you surely have constructively received it in 2010 and report it on your 2010 tax go back inspite of at the same time as the verify honestly hits your mailbox or your economic corporation account. If the pastime become in user-friendly words earned in 2010 yet no longer paid till 2011, then you surely constructively obtain it in 2011.

Answer 6

Yes you do. The financial institute that you earned it from has already reported it.

You need to talk to a tax advisor but it is just more income so you don't need a seperate form from what I understand.

Answer 7

If your TOTAL income, including your salary, requires you to file, then yes, you need to report it. It will go on your 1040 or 1040A or 1040EZ right under your salary - there's a line that says "interest" - you don't need an additional form.

Answer 8

All earned interest, income, etc must be reported no matter the amount. Go to the irs.gov website in order to find out the appropriate form you need.

Answer 9

Yes

Answer 10

Yes, but at that amount you do not need an additional form. The amount will go on the first page of your 1040, 1040A or 1040EZ.