7 Comments

  1. the tax lady
    Posted October 20, 2009 at 8:01 pm | Permalink

    Something like $10? If I get a statement from the bank, then I claim it.

  2. Jo
    Posted October 20, 2009 at 9:57 pm | Permalink

    $10 is the cutoff… If you earn $10 or more in interest in the year from a single payer, it gets reported to the IRS, and you are required to report it on your 1040.

  3. MikeeyMa
    Posted October 21, 2009 at 3:14 am | Permalink

    Zero – you have to claim any amount that you earn. But the bank will only send you a 1099-INT if the interest totals $10 or more – otherwise you’ll have to get the amount off your statement.

  4. Judy
    Posted October 21, 2009 at 9:48 am | Permalink

    The best way to answer this question is to go into the IRS website:
    Interest income can be reported on Form 1040 (PDF), Form 1040A (PDF), or Form 1040EZ (PDF). If your taxable interest income is more than $1,500, be sure to show that income on Form 1040, Schedule B (PDF) or Form 1040A, Schedule 1 (PDF). You cannot file Form 1040EZ if your interest income is more than $1,500. Refer to Tax Topic 403, Interest Received, for additional information on interest income.

  5. Anonymous
    Posted October 21, 2009 at 3:49 pm | Permalink

    That depends on your TOTAL income.

  6. jlf
    Posted October 21, 2009 at 8:09 pm | Permalink

    http://www.irs.gov
    If your income is 32,000, then everything you get in interest on your savings account should be reported.
    If your only income was the interest on a savings account, you’d have to have made over $350 in order to have to report it.

  7. dewkisse
    Posted October 21, 2009 at 9:51 pm | Permalink

    I believe anything below $500

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