How much interest do you have to make to have to include it on your taxes?

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How much interest do you have to make to have to include it on your taxes?

Do you have to include every little penny that you earned in interest? The reason I ask is because I didn't make even $20 in interest.

2007-02-05 04:35:27 · 3 answers · asked by crewcap2003 2 in Business & Finance ➔ Taxes ➔ United States

3 answers

The financial company is not required to issue you a 1099 INT if the interest earned on the account is less than 10. This fact does not however relieve you of having to claim the income. Yes you're supposed to report even 1 dollar. See IRC Section 61

2007-02-05 04:42:46 · answer #1 · answered by smh60437 3 · 1⤊ 0⤋

You include only those that you received 1099 for. If the bank never sent you a 1099 for the interest made, you don't have to.

2007-02-05 04:43:37 · answer #2 · answered by spot 5 · 0⤊ 1⤋

Yes, every penny.

2007-02-05 06:33:39 · answer #3 · answered by whymewhynow 5 · 0⤊ 0⤋