Message Font: Serif | Sans-Serif
 
No. of Recommendations: 1
Couldn't find this when I searched so I apologize if it has been asked before. I have three accounts that have earned interest this year - a savings account that earned less than $2 interest, an ING account that earned more than $25 interest, and my mortgage escrow account that earned $11 interest. Do I need to list all these on my return as interest income? Someone told me that if it is less than $10 you don't have to list it. Thanks

Lemongirl
Print the post Back To Top
No. of Recommendations: 1
Also, just noticed something in Turbo Tax. The money that I report as interest income is showing up in the deduction section under the AGI summary as Investment Income (Loss). This seems odd to me, is this correct?

Lemongirl
Print the post Back To Top
No. of Recommendations: 0
You will generally not receive a 1099 for less than $10 interest income. Although if you receive a combined report, you may. Technically you are responsible for reporting all income whether the payer notifies you or not. And honestly reporting the $2 won't cost you more tax and will make you appear honest but stupid if you are ever audited. =0)

Your Investment expenses are deductible to the extent that you have investment income (subject to the 2% AGI limitation) so yes, it is correct. TurboTax is summarizing all your investment income to determine whether/how much of your investment expenses are deductible.
Print the post Back To Top