Would you claim 90 cents on your return?

[Mark P.]

I'm pathetically honest, especially when it comes to taxes, so I'm not trying to cheat the system or anything, but I'm waiting for one last 10-99, and the interest earned is only 90 cents(I know, round off to $1.00).
I'm ready to e-file, and I've already listed the one dollar even without receiving the 10-99. (just have to list the Payee and the amount, so it's super easy)

I know I'm playing it safe by having it listed, but does the IRS even worry about anything under $10?
A dollar doesn't seem like much, but I suppose if a lot of folks don't list it, it sure can add up.

What would you do, or make that, what would a "friend of your's" do?

 

[Helopoh]

hmmm....I dunno...I don't see why not if that is what you are comfortable with. If you feel better listing it than go ahead as long as you are positive on the amount. If not wait for the form....

 

[janette]

I'd include it, since 1099's are sent also to the IRS it could kick out your return for just that .90. Not worth the trouble, as long as I was sure the 1099 would match what I have on the form I wouldn't worry about having the 1099 before I filed though.

 

[LindaG4458]

I agree, don't bother to wait for the form for .99.

 

[Mark P.]

Thanks for the input
I'm 100% sure that the interest paid in 2002 on that account was .90 cents total, so I'm just going to include it without the darn 10-99. That's what it is, and that's the right way to do it.

I think it's ridiculous that it hasn't arrived yet, and the company (ING Direct) said to wait until the 15th. of Febuary, which is B.S.!

Thanks again!

 

[Tina]

If you really want to do the right thing, include it whether you receive a 1099 or not. According to IRS, you are to claim ALL taxable income, regardless of whether or not you received a tax statement. Go ahead and file. There's no reason to wait for the paper to confirm your 90 cents.

 

[marlasmom]

A long time ago I received a bill from the IRS. It seems that I had earned $10.00 on a savings account. I listed the interest properly but the account was in my name only and it was a joint return. Rather than fight the IRS I paid it. They just were looking at DH's ss # and not mine I guess.