Do I have to claim interest if it is less than $1.00? Is there a minimum amount that you don't have to claim for interest on Savings account? (2024)

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Do I have to claim interest if it is less than $1.00? Is there a minimum amount that you don't have to claim for interest on Savings account? Do I have to claim interest if it is less than $1.00? Is there a minimum amount that you don't have to claim for interest on Savings account? Related Content

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‎June 5, 201910:24 PM

last updated‎June 05, 201910:24 PM

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See Also
How Is a Savings Account Taxed?Do I have to pay taxes on my savings account?How Much Money Can You Have in Your Bank Account Without Being Taxed?


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Do I have to claim interest if it is less than $1.00? Is there a minimum amount that you don't have to claim for interest on Savings account?

You are supposed to report ALL interest received. However, since TurboTax rounds all amounts to the nearest dollar (as permitted by the IRS and AFAIK all states, and required by many states), you should report nothing if total interest is 49 cents or less, or $1 if it's 50 cents to $1.49. If you need to report small amounts, enter it on a dummy 1099-INT in TurboTax (even though you didn't get a 1099-INT because you earned less than $10 in 2015).

‎June 5, 201910:24 PM

1 Reply

Do I have to claim interest if it is less than $1.00? Is there a minimum amount that you don't have to claim for interest on Savings account?

You are supposed to report ALL interest received. However, since TurboTax rounds all amounts to the nearest dollar (as permitted by the IRS and AFAIK all states, and required by many states), you should report nothing if total interest is 49 cents or less, or $1 if it's 50 cents to $1.49. If you need to report small amounts, enter it on a dummy 1099-INT in TurboTax (even though you didn't get a 1099-INT because you earned less than $10 in 2015).

‎June 5, 201910:24 PM

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