Submitted By: Shigeru
Answered: September 16, 2016 1:26 pm

Is there any minimum amount of interest income needed for it must be reported on Form 1040?

All interest income must be reported on Form 1040, unless there is a special rule that applies (such as interest on U.S. savings bonds redeemed for higher education costs). Thus, whether or not you receive Form 1099-INT, which is only required if interest payments exceed $10, you must report the interest. If interest exceeds $1,500, you must complete Schedule B and then enter the total on Form 1040.

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Tax Glossary

Credit

A tax credit directly reduces tax liability, as opposed to a deduction that reduces income subject to tax.

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