If you received $7 in interest and received a 1099 do you have to file that? What is the minimum?

Answer 1

If you got a 1099 you must file. The 1099 was also reported to the IRS, so they already know about it. Why risk penalities over $7?

Answer 2

Alot of companies don't send out 1099 if it's less than $10 so if you received a 1099 then you should file it, but I do believe as someone mentioned earlier that technically if it is under $10 you don't have to file it! Either way it can't hurt you toooo much!!

Answer 3

Complicated question. If the 1099 for interest is your only income, probably not. If that is just part of your income ...yes you need to file. Especially if you have a W-2 with withholding. File to get your withholding back. You need to file this year anyway, just to get your telephone tax credit refunded.

Answer 4

Above $850 unearned income , you must file. Here is the copy from the IRS:

Single dependents— Were you either age 65 or older or blind?
? No. You must file a return if any of the following apply.
Your unearned income was more than $850.
Your earned income was more than $5,150.
Your gross income was more than the larger of —
$850, or
Your earned income (up to $4,850) plus $300.


? Yes. You must file a return if any of the following apply.
Your unearned income was more than $2,100 ($3,350 if 65 or older and blind).
Your earned income was more than $6,400 ($7,650 if 65 or older and blind).
Your gross income was more than $1,250 ($2,500 if 65 or older and blind) plus the larger of:
$850, or
Your earned income (up to $4,850) plus $300.

Answer 5

If you are filing a return anyway, then yes you have to claim it. If you are not required to file because of some other income, then no, you don't have to.

Answer 6

If that's your ONLY income, you don't need to file.

If you already need to file, you MUST claim that interest. There is no minimum.

Answer 7

im pretty sure if its under 10.00 you dont have to claim it