Should report to IRS about my 30 worth of interest on my savings account?

Question

Should report to IRS about my 30 worth of interest on my savings account?

Answer 1

Yes, report it. I want to add here that I used TaxAct online and filed electronically for only $9.95.

Answer 2

If it is less then 200 dollars NO. It is not required if it is less then $200. However if it was more htne $200 yes report it. If you dont report an interest of more then $200 you will be caught.

Answer 3

IF THE BANK SENT YOU A TAX FORM ON IT,THAT MEANS THAT THEY HAVE REPORTED IT TO THE IRS AS MONEY EARNED BY YOU. YOU DO OWE TAX ON THAT INTEREST MADE. THE FEW DOLLARS YOU WILL PAY WILL BE WORTH THE TROUBLE YOU DONT CAUSE YOURSELF IF THEY DO AN AUDIT ON YOUR RETURN.IF THEY SEE YOU NOT CLAIM THAT INTEREST,IT MAY RED FLAG YOUR RETURNS FOR SEVERAL YEARS TO COME. YOU DO NOT WANT THOSE HEADACHES.

Answer 4

Any interest over 10$ needs to be mentioned in your return

Answer 5

Unless it is the only income you had for the year, yes you have to report it.

Answer 6

If you received a 1099-INT from the bank, you should report it, but otherwise it's small enough that you won't get in trouble if you don't.

Answer 7

if you made over 100k yes, this is a red flag for audits