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.

Tax Glossary

Tax home

The area of your principal place of business or employment. You must be away from your tax home on a business trip to deduct travel expenses.

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