Apr 11 2009
Tax Tip: don’t forget about accounts that earned less than $10 in interest
I’ve mentioned this yesterday but I’d like to say it again: you must include all interest earned when you file your income taxes. That’s probably no surprise to you, but what may surprise you is that if you earned less than $10 your financial institution(s) are not required to send you a 1099-int form.
Therefore it is up to you to keep track of this and make sure you include all of the interest when you prepare your taxes. I prefer to keep a list of all of my financial institutions so that I don’t accidentally forget about an account.
Clearly this will be an issue primarily for savings accounts that pay very little interest, savings accounts that have very little money in them, and checking accounts that pay a miniscule amount of interest (these are the ones I tend to overlook).
