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Should I report my saving account interest money on my taxes?

ff4930 13 January 29, 2012 at 09:25 AM in Finance (2)
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I have a Citi, Chase, and HSBC savings account. My Citi earned 25$ interest, while my Chase earned 39 cents and my HSBC is $200. I am assuming I have to report my HSBC earnings. Should I even bother with my Citi and Chase earnings?

Thanks.

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#2
Only if you earned more than $10. Your bank will give send you a 1099 (I think) to report any interest that you earned.
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#3
You're supposed to report everything including that under $10 dollars. Many banks won't cut you a 1099-INT for less than $10 dollars. Wells fargo DID send me a 1099-Int and the total interest on my savings account was .70 cents, so if they sent it to me, they sent it to the IRS as well. Penalties would probably be small but I just reported all my savings acts to make it easier.
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#4
I received a 1099-INT for $2.16. You should report it...it's not much money and you already know who paid you what.
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#5
Quote from ff4930 View Post :
I have a Citi, Chase, and HSBC savings account. My Citi earned 25$ interest, while my Chase earned 39 cents and my HSBC is $200. I am assuming I have to report my HSBC earnings. Should I even bother with my Citi and Chase earnings?

Thanks.
You get a form 1099 INT from the banks which you will include in your taxes. Don't try to file now if you don't have all your forms.
You should get all these forms by the 2nd week of Feb.
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Original Poster
#6
Thank you all for the replies. Much appreciated!!
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#7
Have you seen the government debt lately? You bet your ass the feds want every single penny they can get laugh out loud
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#8
i never get anything sent to me,

since all my accounts are online, i just log on and find under the statement list the 1099 forms. Only one i cant find/get is my BOA checking which is 19 cents.
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#9
Quote from bowlofturtle View Post :
i never get anything sent to me,

since all my accounts are online, i just log on and find under the statement list the 1099 forms. Only one i cant find/get is my BOA checking which is 19 cents.
This... and most banks keep a YTD summary of interest that I often use.
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#10
Companies may not be obligated (for now) to send you a 1099 under a certain amount but the government still expects you to declare it.

The Feds are looking for every penny they can get so I expect the rules to change in the near future, assuming the two parties are talking to each other. For instance they enacted a new form 1099-k which requires credit card companies to send a form to each business that processed a credit card to their TIN. That means for my company credit card the bank has to send a 1099-k to all the airlines, the taxi cab etc. That is going to be a huge paper pile!
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