checking account interest

[Blonde Granny]

I have a grand total of $2.38 paid as interest into our 1 checking account and 2 savings accounts with Wells Fargo Bank. Will I actually get a 1099 for this, or can I just ignore it? or should I put the $2.38 as interest paid into Turbo Tax?

[ken a.k.a OMK]

I get a measly .4%....yes less than a percent!  They don't send me a 1099 but I know the interest from my statements and add it on my return just in case they notified the IRS. It doesn't change my return by much.

[Blonde Granny]

Thanks....I tried putting it in and there was no change. The last thing I'm waiting for is Ameritrade.....and I wait, and I wait. Then I get it and they update it, and update it.....

I feel like that dumb JJ Wentworth commercial; It's MY money and I want it NOW!!!

[justme]

I think there's a min for them to be required to send it. I put it in either way.

PS Ally bank is almost one percent for both checking and savings. I think I got over 50 last year. I haven't checked yet.

[ken a.k.a OMK]

  I looked it up on the IRS website. Never knew this. It's for the payer, i.e. bank:

Form 1099-INT, Interest Income

File this form for each person:

to whom you paid amounts reportable in boxes 1, 3, and 8 of at least $10,
for whom you withheld and paid any foreign tax on interest, or
from whom you withheld (and did not refund) any federal income tax under the backup withholding rules regardless of the amount of the payment.

[ArchietheDragon]

You won't get a 1099, but you are still required to report the taxes on your tax return.

[Peace77]

Put it down as interest income.

Then, move your savings to another bank paying close to 1% (or more) interest.  I get about that much each month on the checking account.

Look at www.Bankrate.com
Search national
Search high yield savings/ money market account
Rank your results by APR

[taxref]

Banks are not required to send a 1099-INT for that amount, but they might send one anyway.  Regardless, one must report the income on ones return.

[TheOtherMe]

Jan 25, 2015 11:31:05 GMT -5 ArchietheDragon said:

You won't get a 1099, but you are still required to report the taxes on your tax return.

[schildi]

My local bank sent me a 1099 for $0.20 in interest.

[Deleted]

Crap.  I didn't report my Wells Fargo interest.  They sent me an email saying if it was less than $10 they wouldn't be sending a 1099, so I just blew it off.  I don't even know how to get the info unless I check every monthly statement from last year.  It was less than 5 cents a month, do you think the IRS is going to hunt me down? 

[ArchietheDragon]

Feb 11, 2015 14:11:30 GMT -5 minnesotapaintlady said:

Crap.  I didn't report my Wells Fargo interest.  They sent me an email saying if it was less than $10 they wouldn't be sending a 1099, so I just blew it off.  I don't even know how to get the info unless I check every monthly statement from last year.  It was less than 5 cents a month, do you think the IRS is going to hunt me down? 

They have a special place in hell for scoflaws like you. 

[Deleted]

Feb 11, 2015 14:15:10 GMT -5 ArchietheDragon said:

Feb 11, 2015 14:11:30 GMT -5 minnesotapaintlady said:

Crap.  I didn't report my Wells Fargo interest.  They sent me an email saying if it was less than $10 they wouldn't be sending a 1099, so I just blew it off.  I don't even know how to get the info unless I check every monthly statement from last year.  It was less than 5 cents a month, do you think the IRS is going to hunt me down? 

They have a special place in hell for scoflaws like you. 

Well, at least it's a special place.