[idurrani]

I read somewhere that If you have a Savings Bank Account and the interest earned through Savings Account throughout the year is less than $10, then Bank will not send you the 1099-Int, so you don't have to add this as your income on 1040, is this correct?

[ebaines]

Yes, and no. The bank is not requried to send out 1099-INT forms to people who made less than $10 in interest. But you are still supposed to report the income. Of course, without benefit of a 1099-INT there's no way the IRS would know if you don't report it...

[AtlantaTaxExpert]

You can be morally correct and report the income, and still pay NO additional tax, because tax assessments normally increase with each $50 increment of income. If you add about $7 to your income level, the odds are you will see no additional tax due.