I made $151 on interest income last year. Do I claim it on my tax returns?

0 ⤊

I made $151 on interest income last year. Do I claim it on my tax returns?

2007-01-25 14:22:51 · 2 answers · asked by mrbatty 1 in Business & Finance ➔ Taxes ➔ United States

2 answers

If that's your only income for the year, then you don't have to file. But if you are filing, then yes, you need to include it.

2007-01-25 14:40:18 · answer #1 · answered by Judy 7 · 0⤊ 0⤋

The last post is incorrect. Even if it's your ownly income you still need to file, but you will not owe any taxes. You should receive a 1099-INT, which will be sent to the IRS. You should file a return listing any income that lands in the hands of the IRS.

Note: I am an attorney, but not a tax attorney.

2007-01-25 23:13:13 · answer #2 · answered by mugwumper 2 · 0⤊ 0⤋