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#1
01-29-2005, 01:09 AM
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Tax question. Form 1099
Hi All
Any tax experts here? if so, need some info on the following, pretaining to IRS form 1099. Will a Bank or Investment Company submit a 1099 to the IRS for interest on an account, when the interest is less then $100.00? Will I need to show this amount as income on my 1040? Thanks.
__________________
joe moon/95Benzman 
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#2
01-29-2005, 08:27 AM
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The 1099 for interest income is required to be filed if they pay interest of $10 or more. Most banks routinely issue the 1099 even if the interest is under $10. If you don't report the interest income on your return, the IRS computers will probably catch that in a year or so. If the non-reported interest income is enough to increase your tax, you will receive a computer generated bill for tax due plus interest. If the under reporting is large enough, they could also add penalties to the bill.
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#3
01-30-2005, 01:31 PM
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Play it straight. Rewards not worth the risk.
Wes
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