Low Roller
NRR: Does anyone actually report interest income of less than $10? 3/23/2008 7:11PM Reply | Return to Index | Report Post
I'm in the process of doing my taxes and have an account that earned less than $10 in interest thus not generating a Form 1099. Legally the bank does not have to issue one to me, though I have the legal obligation of reporting the small amount of interest the account generated on Schedule B.

Does anyone actually do this or am I just being too paranoid?
more info
RE: NRR: Does anyone actually report interest income of less than $10? 3/23/2008 8:03PM - in reply to Low Roller Reply | Return to Index | Report Post
I reported all $6 of mine. Only takes 2 seconds to fill out that form - worth saving a potential headache later.
irs calling
RE: NRR: Does anyone actually report interest income of less than $10? 3/23/2008 8:09PM - in reply to Low Roller Reply | Return to Index | Report Post
you have to, esp. if it is on some minimal savings acct. or some bond or something; since the institutions report it, the irs matches it up with what YOU report. I've been audited 4 times (never done anything wrong), but they have got me on a couple of minimal interest things like that , that I forgot about or didnt bother with
metro gnome
RE: NRR: Does anyone actually report interest income of less than $10? 3/23/2008 8:35PM - in reply to irs calling Reply | Return to Index | Report Post
It is account # not amount causing IRS computer to say you missed reporting earned interest income.
sue
RE: NRR: Does anyone actually report interest income of less than $10? 4/15/2008 12:17AM - in reply to irs calling Reply | Return to Index | Report Post
did you have to pay any penalty for not reporting it when you got audited?
Not a tax man
RE: NRR: Does anyone actually report interest income of less than $10? 4/15/2008 7:48AM - in reply to Low Roller Reply | Return to Index | Report Post

Low Roller wrote:

I'm in the process of doing my taxes and have an account that earned less than $10 in interest thus not generating a Form 1099. Legally the bank does not have to issue one to me, though I have the legal obligation of reporting the small amount of interest the account generated on Schedule B.

Does anyone actually do this or am I just being too paranoid?


Just report it. It will take less effort to report it than it did for you to post a question about it on letsrun.