As a tax preparer, I can confirm what Amanda says. Interest earned of less than $10 does not have to be reported to the IRS. If you don't receive a 1099 and your interest earned is over $10 for the year, then you have an issue. Some banks will send 1099's for any amount earned. I've seen them from my clients for amounts as low as 12 cents. It's a PITB for us because we have to include the information with the tax return so that the taxpayer doesn't get an automatic letter from the IRS for not reporting interest income. I know it's dumb.
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