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January 26, 2021
Question

I earned dividends on 4 different bank accounts: $5.07, $1.86,$6.49,$2.26. Do I need to report since no account had $10 worth of dividends earned?

  • January 26, 2021
  • 2 replies
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2 replies

Employee
January 26, 2021

If you file a tax return for any reason, you are required to report all your income, even if some items are too small to trigger their own tax paperwork.  The IRS might not bother for $6, but if their computer does send you an automatic letter, you'll be paying the tax or filing an amended return. 

January 26, 2021

all income is reportable even if it is not reported by the payor to the IRS.