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I have 3 accounts with my bank none of which have earned more than $10n interest during 2016.

Forum|Forum|7 years ago
June 6, 2019
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The bank informs me they do not need to send me a 1099-INT because of the new IRS rules. Do I not enter this interest on my tax form?

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Best answer by Howard1948

FYI, the iRS rules they are referring to are not new. The $10 limit has been in effect for as long as I remember and I've been doing this for over 45 years.

That being said, if you are required to file a Federal income tax return, you are required to include all taxable income whether or not the payer has to send you a form reporting it to you and the IRS.

H

Howard1948Answer

Employee

FYI, the iRS rules they are referring to are not new. The $10 limit has been in effect for as long as I remember and I've been doing this for over 45 years.

That being said, if you are required to file a Federal income tax return, you are required to include all taxable income whether or not the payer has to send you a form reporting it to you and the IRS.

B

brit-daveAuthor

The three accounts do not individually have interest income greater than $10 but the sum of the interest from all there accounts is greater than $10. Do I enter each account on a separate line for the bank or just enter the (greater than $10) value for the sum of the accounts as a single entry for the bank ?