I have serveral savings accounts, some had earn interest less than 10 dollars in 2006, so the banks won't send out 1099. However, all of them add up to like 50 dollars, do I only file the one that send me 1099? or do I report the total interest of all accounts?
2007-01-26 01:27:24 · 5 answers · asked by jean 4 in Business & Finance ➔ Taxes ➔ United States
hmmnn, 2 for yes and 2 for no
2007-01-26 03:06:53 · update #1
You must report ALL of your income, regardless of whether you receive a Form 1099 for it. It's your responsibility to keep up with this information. Remember that you are signing your tax return under penalties of perjury, stating that it is COMPLETE and correct.
2007-01-26 02:15:03 · answer #1 · answered by figment_usa 5 · 1⤊ 0⤋
Legally you are required to report all the payments, whether you get a 1099 or not. It's not going to cost you much to stay legal on this.
2007-01-26 12:58:48 · answer #2 · answered by Judy 7 · 0⤊ 1⤋
Only file the ones with 1099. Otherwise your figure won't match the information IRS has.
2007-01-26 09:34:56 · answer #3 · answered by spot 5 · 0⤊ 4⤋
only file the ones you get a 1099 on, the others didnt earn enought interest to claim.
2007-01-26 09:36:27 · answer #4 · answered by Lace 1 · 0⤊ 4⤋
Report all of them.
2007-01-26 10:24:14 · answer #5 · answered by Wayne Z 7 · 0⤊ 0⤋