We had a CD for a very short time this year- it ended up only making about $25 in interest. How do i report that correctly? We are using the 1040A form, and I put it as earned interest, but do i need to include another form with it when i send it in to the IRS? I heard about a 1099- but with the amount being so minimal, is it necessary? Or would a copy of the form they sent me from the bank (for all i know it could be the 1099?) be sufficient?
We are located in Minnesota if that makes any difference.
2007-03-20 03:39:53 · 4 answers · asked by glorymomof3 6 in Business & Finance ➔ Taxes ➔ United States
Just list the interest income on the appropriate line of your Form 1040A. Do NOT include a copy of the Form 1099 with your return.
2007-03-20 03:51:02 · answer #1 · answered by Bostonian In MO 7 · 3⤊ 1⤋
DO NOT ATTACH FORM 1099 TO YOUR TAX RETURN UNLESS YOU HAVE AMOUNTS WITHHELD FOR TAXES ON THE FORM.
WITH THAT SMALL OF AN AMOUNT, YOUR BANK MAY OR MAY NOT HAVE SENT YOU A 1099 AND WHEN TAKING THE CD OUT, YOU PROBABLY HAD TO SIGN A WAIVER SAYING YOU DIDN'T HAVE TO HAVE ANYTHING WITHHELD FROM INTEREST INCOME.
REPORT THE INTEREST EARNED ON LINE 8A OF THE 1040A AND YOU'LL BE FINE.
2007-03-20 03:47:02 · answer #2 · answered by Z28_Zeppelin 2 · 1⤊ 3⤋
NO need to send any other form with it. Just report it as interest. Thats it.
2007-03-20 03:48:05 · answer #3 · answered by franklinsmoke 2 · 1⤊ 0⤋
Just report it as interest income.
You receive a form 1099Int from the bank, but you do not send one.
2007-03-20 03:45:23 · answer #4 · answered by Jo Blo 6 · 2⤊ 1⤋