Low Interest Reporting 1099-INT

we never seem to get 1099-INT documents from our banks. Perhaps it is because we usually have very little interest paid (ie below $20 per year). Is there a minimum interest amount before the banks have to issue a 1099-INT? Do we report the low interest amount eventhough we don't get 1099-INT forms? thx

(Asked 01/31/09, Views 190)

If the interest is less than $10.00 they don't have to issue a 1099-INT. Just use the amount reported on your December statement as Year-To-Date or "interest paid this year" and report it as if you got a 1099-INT
Select the Federal Taxes tab, then select Income.
In the Your Income screen, select the Select Specific Topics button
In the Your Income screen, select Interest and Dividends.
Select the Start or Revisit button for Interest on 1099-INT.
In the Any Interest Income screen, select the Yes button.
In the Report Interest Income screen, enter the Payers name and put the amount in box 1

(Posted 01/31/09)