A.G. Kalman wrote:
- quote -

But not less than a dollar! Heh heh heh!!

C$,
HL

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"Jones" <Jones[at]nospam.com> wrote:

- quote -

It is true that a 1099-int isn't generated for less than $10
in interest, but it is incorrect (to tell you) that you do
not need to report it.

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Jones wrote:

- quote -

THEY don't need to report anything under $10 on the
1099-INT. YOU need to report it on 1040 line 8 or 1040
Schedule B, as appropriate.

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In theory you are required to report every dollar. In
theory. Lots of clients don't mention interest earned if
under $10 - and lots of preparers don't either. If it comes
into my office, I list it but it seldom makes any difference
to your tax....may make a difference to your conscience.

Nan, EA in LA

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Jones wrote:

- quote -

The law does not require the entity paying the interest to
file a Form 1099 if less than $10 was paid during the year.
Not quite what they said but close enough to give them a
passing grade.

- quote -

Oh well, they are batting .500 only. Nope, this answer is
wrong. IRC Section 61, which says you are taxed on all
income from whatever source derived, has no "exception" for
interest of less than $10--and there's no other exception in
Title 26 of the US Code (otherwise known as the Internal
Revenue Code) that excludes it from being included in
income.

So, yes, you are required to report that $10. The only
issue is that the IRS won't have to be informed by the bank
that you received it.

--
Ed Zollars, CPA
Phoenix, Arizona

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The part where they told you "that I did not need to report
anything under $10 on my tax returns," was not true. It's
taxable and needs to be on your tax return. Others will no
doubt point out the 1099 reporting rules and how they are
different from the 1040 reporting rules.

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The part where they told you "that I did not need to report
anything under $10 on my tax returns," was not true. It's
taxable and needs to be on your tax return. Others will no
doubt point out the 1099 reporting rules and how they are
different from the 1040 reporting rules.

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Jones at Jones[at]nospam.com wrote:

- quote -

No, it is not true.

2003 Your Federal Income Tax, page 60, says:

"Report on your tax return the total amount of interest
income that you receive for the tax year. This includes
amounts reported to you on Form 1099-INT and amounts for
which you did not receive a Form 1099-INT."

You did it right.

John Burtch, CPA

--
The above PRIVACY.NET e-mail address is for spam avoidance
purposes. Please reply to the newsgroup or to jw10413[at]earthlink.net

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"Jones" <Jones[at]nospam.com> wrote:

- quote -

No. You're still required to report the interest on your
returns.

--
D.F. Manno
dommanno[at]netscape.net
"They that can give up essential liberty to obtain a little
temporary safety deserve neither liberty nor safety."
(Benjamin Franklin)

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- quote -

Partly. They don't have to send it, but you DO have to
report it. Will

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Jones wrote:

- quote -

Half true. Half false.
A 1099 is not required if under $10 of interest.
A taxpayer must report all income whether an information
form is received or not.

--
Alan
http://taxtopics.net

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My credit union never sent me 1099 form. I did my taxes
anyway and reported the $9 I made in bank interest for 2003
and mailed off my state and fed returns.

I called my credit union today and ask them if they could
mail me a 1099 form so that I could have it for my records.
They told me that for anything under $10 they don't mail
1099 forms because they are not necessary that I did not
need to report anything under $10 on my tax returns.

Is this true?

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