Do I need to report interest income of less than $5?

You would not receive a 1099-INT for interest paid less than $10; if you don't get a 1099-INT, the IRS won't get one either.

Having said that, you are required to report all your income. You don't need a 1099-INT to report interest income. If the 1099-INT interview holds you up over a FEIN, you can enter the interest as Other Reportable Income.

If you choose to report it, go to the  Other Reportable Income  interview, the very last interview in Wages and Income (Federal Taxes > Wages & Income  > Less Common Income > Miscellaneous Income ).  For the Description, enter "Interest Income".  

(Or enter "other reportable income" in the Search Box and select "jump to other reportable income". These payments are NOT wages).