Is there a minimum amount of interest that needs to be earned before it needs to be reported to the IRS?

Question

I only earned .62 on my checking last year in interest. I also haven't received a 1099-INT from my bank. Does this mean that I don't have to report it?

Answer 1

You won't receive a 1099-INT for that. Annual earnings under $5 from an account won't trigger a 1099-INT or DIV. Should you report it? Up to you, though the IRS says you should report everything.

62 cents would trigger a ~15 cent tax. Rounding error should basically drive that to 0. So don't sweat it, either way.

Answer 2

There is no minimum. You might or might not receive a 1099 for that, but you still must claim a $1.00 of interest received. It's probably a 20% shot that it will have any impact on your taxes though.