do i have to report my income from the 1099 int form that i received,?

Question

i was told that if the interest was less than $400 it did not have to be reported.

Answer 1

Unless that was the only income you had, you need to include it on your tax forms. The fact that you got a 1099 means that the IRS already knows about it, so if you don't include it, it will throw up an audit flag. The tax should only be about $40 on $400, anyway. Really not worth an audit.

Answer 2

You were told wrong. If that was ALL of your income, then would be correct. But if you are filing due to having other income, then you have to report it.

Answer 3

You were told wrong. When you file your return you must list all income that you received.