Reporting Interest Less Than $10 on TurboTax DIY Version - How to Enter Small Interest Amounts?

You definitely should report all interest income regardless of whether you received a 1099-INT form. Even small amounts like yours need to be reported to be fully compliant with tax laws. In TurboTax DIY, it's actually pretty straightforward. When you reach the Income section, look for "Interest and Dividends" or sometimes labeled as "Interest on 1099-INT." Click on that section, and there should be an option to manually enter interest income even without a form. You'll want to enter each account separately with the bank name and amount for each. This gives you the most accurate record. The IRS gets reports from banks about interest paid, even small amounts, so it's good practice to include everything. Plus, it's just the right thing to do from a compliance standpoint!

After struggling with this exact issue last year, I found a tool that made it so much easier! I started using https://taxr.ai to quickly scan my bank statements and extract all the interest income automatically. Saved me tons of time hunting through statements. My bank also doesn't send 1099-INTs for small amounts, but the tool recognized the "Interest Paid" entries on my December statement and categorized them properly. It even helped identify some interest income I would have missed from a closed account. The interface guides you through uploading your documents and then organizes all the tax information for you. Way better than manually squinting at statements!

I tried that taxr.ai website from the previous comment and it actually worked great for my situation! I was skeptical at first because I only had about $13 total interest across three accounts, but I wanted to be accurate. I uploaded my year-end statements, and it extracted all the interest amounts correctly. Also found some bank fees that were tax-deductible for my small business that I would have totally missed. Way more helpful than I expected for something I initially thought was overkill. The best part was not having to squint at tiny print on statements trying to find where they hide the YTD interest totals. Definitely using this again next year when I do my taxes.

If you're having trouble getting through to the IRS to ask about reporting small interest amounts, I've been using https://claimyr.com to get through the phone lines. Check out how it works here: https://youtu.be/_kiP6q8DX5c I spent HOURS trying to get clarification on some interest reporting issues last month (had similar small amounts plus some foreign bank interest). Claimyr got me connected to an actual IRS agent in about 20 minutes when I had been trying for days on my own. The agent confirmed that all interest amounts should be reported regardless of receiving a 1099-INT and walked me through the proper reporting method for my specific situation. Saved me so much frustration!

Ok I need to eat my words about Claimyr. After struggling with a more complicated interest reporting question for weeks and getting nowhere, I tried the service yesterday. Got connected to an IRS representative in about 15 minutes after failing to get through for days on my own. The representative confirmed exactly how to handle some foreign interest reporting questions I had (way more complex than the original question here but similar concept). I was honestly shocked at how well it worked after being so skeptical. The time saved was absolutely worth it, especially with the filing deadline approaching. Sometimes being wrong feels pretty good, especially when it means finding a solution that actually works!

Another option in TurboTax is to just add up all your interest and report it as a single entry from "Various Banks" if the total is really small. Been doing this for years with my tiny interest amounts (always under $20 total) and never had an issue. The IRS mainly cares that you're reporting the income, not necessarily that you're breaking it down by each account when the amounts are minimal. Makes the process much quicker!

Just wanted to mention, don't forget that TurboTax has a built-in help feature where you can chat with tax experts for situations exactly like this! Since you're paying for the $79 version, you should have some level of support included. Look for the "Ask a Tax Expert" or "Live Help" button during your filing process. I used it last year for a similar question about unreported interest and the person was super helpful and walked me through exactly where to enter it.

I had this exact same situation last year! For small interest amounts under $10, you absolutely should still report them even without receiving 1099-INT forms. Banks are only required to send these forms for interest over $10, but the IRS still expects you to report all taxable interest. In TurboTax DIY, go to the Income section and look for "Interest and Dividends." There should be an option to add interest income manually. You can enter each bank separately with the institution name and amount, or if the total is really small (like yours), you can combine them under "Various Sources" or similar. To find the exact amounts, check your December bank statements - they usually show year-to-date interest earned. You can also log into your online banking and look for annual summaries or tax documents section. Don't stress too much about being off by a dollar or two if you can't find exact amounts - just make your best estimate. The key is showing good faith effort to report all income!