Tuesday, April 28, 2009

Minimum interest to get 1099

You will not receive a 1099-INT from your bank
if the interest you earned in the financial year
is less than $10. However, federal laws require
you to report all interest earned.

Only interests less than 50c could be
dropped due to rounding off. YTD interest
paid is available on yearly statements
issued by your bank.

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