Waiting on interest form from Wells Fargo

[tootsieroll]

So we had a Wells Fargo account that we closed last year in March. It was a checking acct with the way to save acct attached (they put $1 from checking into it whenever the debit card was used).  They had the wrong SSN for dh and sent us a form in Dec 2013 stating that we had to submit the correct number to the IRS.  Dh called the bank, they couldn't help because the acct was closed.  Anyway, we mailed in the form with the corrected SSN.  I only need the amount of interest on this acct and then I can submit our taxes, and of course we haven't recieved the form from away yet. It is really very little money - likely less than $5.  I was wondering if I could overestimate the amount of interest - maybe make it $10 to be sure I am covered - and submit the taxes with that number? Or is that a red flag for the IRS, having different interest amounts listed? 

[taz157]

If you earned less than $10 in interest, you won't receive the interest form from them. They are only required to send it if you receive $10 or more in interest income. Either way, you are supposed to report. Many people what the YTD amount shows on their December statement from the bank.

[tootsieroll]

Thanks tax. It was interest on maybe $50 for three months, so much less than $10. Unfortunately, I didn't print a final statement when we closed the account and now I can't access that information because the account is closed. I didn't realize there was a minimum amount of interest on forms sent to the tax payer.

[mwcpa]

more than likely the interest earned on an account this small would be minor. using the "high" rates paid by banks this past year 50.00 may have earned all of $0.50 to $1.00 this year... probably not a material change on one's tax filings... I may "pass" on this.... if you were in the highest tax rate the impact would be under $1.00 in tax....