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I recently volunteered to become treasurer for our senior golf league. Last year the former officer invested some loose cash into a money market account. Now we received a 1099 showing about $250 interest income.

My question is what now? What form do I use to report this income? Do we have to apply for a tax-exempt status? My investigation shows a $75 fee for applying. Is there another way of doing it (paying the tax on it and forget the tax-exempt stuff)?

Thank you for any help you may give me. The IRS says they won't get back to answering my question for 7-8 weeks!

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