snearybush
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Is there a limit on interest earned that has to be claimed?
Topics:
- TurboTax Deluxe Online
posted
June 7, 20192:59 PM
last updatedJune 26, 20193:54 PM
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jerry2000
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What if I didn't get a 1099 int from my bank?
Any amount of income that is more than 49 cents is reportable and taxable.
If the amount is less than $10, the bank does not have to send you a 1099-INT, but you are required to report the income. You report it as if the bank had sent you a 1099-INT. Just put the bank name as the payer and put the interest in Box 1.
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June 7, 20192:59 PM
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jerry2000
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What if I didn't get a 1099 int from my bank?
Any amount of income that is more than 49 cents is reportable and taxable.
If the amount is less than $10, the bank does not have to send you a 1099-INT, but you are required to report the income. You report it as if the bank had sent you a 1099-INT. Just put the bank name as the payer and put the interest in Box 1.
June 7, 20192:59 PM
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thompsondc
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What if I didn't get a 1099 int from my bank?
Most banks will generate a 1099-INT for you, if you explicitly ask them.Because they aren't required to (for amounts under $10), they don't do it automatically.
June 7, 20192:59 PM
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mmdegnan
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What if I didn't get a 1099 int from my bank?
Is this 49 cents minimum per account or per bank/institution?
June 7, 20192:59 PM
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jerry2000
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What if I didn't get a 1099 int from my bank?
Per account.
June 7, 20192:59 PM
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patrick-shanks
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What if I didn't get a 1099 int from my bank?
so you are saying i have to count it all up myself?
June 7, 20192:59 PM
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jerry2000
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What if I didn't get a 1099 int from my bank?
Yes. You can find the amounts on your year end statements. You are required to report income whether you receive a 1099 or not.
June 7, 20192:59 PM
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freesome19
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What if I didn't get a 1099 int from my bank?
Chase wont gimme a 1099 INT since my interest was less than $10. I have called chase now multiple times and they are unable to provide a tax ID number which turbo tax keeps asking for while finalizing the state taxes.... Any way around this issue.
June 7, 20192:59 PM
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ihristov1
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What if I didn't get a 1099 int from my bank?
The federal tax ID for JPMorgan Chase NA is 13, then dash, then 499, then 4650
This forum does not allow posting the account # for some reason. This is why posting in this weird format. It is not like this is a secret ...
June 7, 20193:00 PM
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ihristov1
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What if I didn't get a 1099 int from my bank?
It seems the restriction is because this 'looks' like an SSN
June 7, 20193:00 PM
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briellepope
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What if I didn't get a 1099 int from my bank?
I was able to view my 1099-INT online on my banks website. If you do online banking, you may be able to do the same, or go into a branch to request one.
June 7, 20193:00 PM
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teejay45
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What if I didn't get a 1099 int from my bank?
Will I need to file an amendment? My taxes have been accepted & I wasnt expecting this form, it was almost $20 in interest
January 31, 20203:12 PM
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KarenJ2
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What if I didn't get a 1099 int from my bank?
The correct answer is to amend your return. This will have to be your decision. Maybe the tax on the $20 is 25% or $5.00. I don't think the IRS will send you a notice for $5.00.
It is your decision.
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February 2, 202011:54 AM
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GaryB007
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What if I didn't get a 1099 int from my bank?
Why would the tax on $20 be 25%? It's just added to your total income which probably won't change anything.
January 27, 20214:08 PM
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AmyC
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What if I didn't get a 1099 int from my bank?
Right, the interest of $20 will be taxed at the same rate as the rest of your income. Generally, the IRS will let a tax difference of less than $25 go.
@GaryB007
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January 27, 20217:24 PM
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