INTEREST LESS THAN $10

Forum|Forum|2 years ago
January 29, 2024
1 reply
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Has anyone out there ever received an IRS Notice letter for being honest and reporting interest less than $10?

Simply put, the IRS will not get a 1099-INT on this so they will not reconcile penny for penny. If the few dollars are properly itemized on Schedule B, I would hope it would not raise a flag and trigger a stupid letter.

Anyone please?

Vanessa A

It is not likely to trigger a flag with the IRS when you are reporting interest of less than $10 without a 1099-INT. You really have no benefit in reporting that income, therefore, they have no reason to look and say Oh, this person is trying to get something more back than they are entitled to. Plus, they do expect you to report the income and they know that a 1099-INT would not be issued to you.

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