Any help is much appreciated!

I just received a letter from my bank marked form 1099-INT. The amount of interest income is only $12.45 for 2007. I have had this savings account since I was younger as my mom set it up for me as a gift with both our names on the account. The letter is addressed to me and has my tax id number on it so I take it I am responsible for it. I have searched around and it seems to me that they usually only send this form out if the amount is above $10. I am 25 now and have never had a job or any sort of income (lets just say I don't get out much) and have never paid or worked with any taxes. The savings account only gets used for monetary gifts I receive or if I need to purchase something. Do I have to fill out a bunch of forms for this interest earned or what? I am willing to comply with what I need to do but I am lacking any real experience on these matters.

Thanks,
John (KS)

John:

If your total income is LESS than $8,750 for all of 2007, you have NO legal obligation to file a federal tax return.

So you can ignore the Form 1099-INT.

Thanks for the response! Would you know if I have to file any state taxes? I am in Kansas.

I did not check by no state will tax $12.45 income as this is much less than the exemption amount.

Agreed.

Thanks so much for the information. I figured it was to small for it to matter, but needed a second opinion.

Glad to help!

If your total income is LESS than $8,750 for all of 2011, you have a legal obligation to file a federal tax return.

Andiamo:

WHY are you answering a post that is OVER four years old?