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    miclus's Avatar
    miclus Posts: 25, Reputation: 1
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    #1

    Jan 26, 2007, 12:21 AM
    1099INT for Checking Account
    Hi. I made like $5 dollars or less of interest throughout the year in my checking account. I'm not sure if it was taxable though, and there are a few boxes to fill out on this 1099INT that I don't know. My bank said they aren't sending any kind of form to me, so not sure what to put for some of them. Last year, I just put the $5 interest amount in box 1 and just left everything else blank. Seemed to work out OK. Think it will be OK to do this again?
    delite's Avatar
    delite Posts: 202, Reputation: 3
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    #2

    Jan 26, 2007, 09:23 AM
    If I understand you correctly, you earned the interest. As such you DO NOT FILL OUT YOUR OWN 1099. If the bank does not send you a 1099 it is probably because the amound is negligible.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #3

    Jan 26, 2007, 10:02 AM
    Delite is correct; you do NOT fill out your own Form 1099 and mail it to the IRS.

    However, what you probably meant is do you put the $5 on the Form 1099-INT masque on the tax software?

    The answer is YES, you should report the $5. Will it affect the amount of tax owed? Probably not, which is why the bank has NOT sent you a Form 1099-INT. The law requires Form 1099-INT for interest amounts of $10 or more.
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