Interest income less than $10. No 1099-INT issued from Bank. Put it on 1040 anyway or not?

Forum|Forum|7 years ago
June 4, 2019
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There is conflicting answers about whether one needs to put it or not on 1040 any amount (above 49 cent but less $10) of interest income.

If interest income was less than $10 (let's say $9) and Bank did not issue 1099-INT, should one need to put it on 1040 whatever amount is shown on December Year-To-Date statement anyway? If Bank did not issue 1099-INT, doesn't it mean that even IRS did not receive the matching 1099-INT copy either? If so, what is the correct action?

Best answer by SteamTrain

The proper action is to prepare a pseudo-1099-INT from that bank, and enter the interest earned...irrespective of whether the bank issued a 1099-INT or not.

SteamTrainAnswer

Employee

The proper action is to prepare a pseudo-1099-INT from that bank, and enter the interest earned...irrespective of whether the bank issued a 1099-INT or not.

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*