1099-INT Record


D

Don Priebe

I claim the record for this year. Client presented me with
a 1099-INT for ONE CENT. I won't mention the name of the
bank, but it rhymes with "HSBD"
 
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E

ebetts3

Don said:
I claim the record for this year. Client presented me with
a 1099-INT for ONE CENT. I won't mention the name of the
bank, but it rhymes with "HSBD"
Funny week!
I had a W-2 with 0.05 federal tax withheld; 1099Div with
0.73 dividends and 0.19 federal tax withheld.

Ernie in FL
 
M

MTW

Don said:
I claim the record for this year. Client presented me with
a 1099-INT for ONE CENT.
Meanwhile, I find that more and more payers are not issuing
1099s for amounts under $10 bucks. This often results in
much time being wasted to find these minor amounts. Now, if
Congress wanted to EXEMPT such small amounts from taxation,
that would be something else. <grin>

MTW
 
H

Harlan Lunsford

MTW said:
Don Priebe wrote:
Meanwhile, I find that more and more payers are not issuing
1099s for amounts under $10 bucks. This often results in
much time being wasted to find these minor amounts. Now, if
Congress wanted to EXEMPT such small amounts from taxation,
that would be something else. <grin>
And I, for one, really wish they would. AFter all, our
clients dont' think amounts under 10$ are reportable, much
less taxable.

ChEAr$,
Harlan Lunsford, EA n LA
Fri 18 Feb 2005
 
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A

Andrew

MTW said:
Don Priebe wrote:
Meanwhile, I find that more and more payers are not issuing
1099s for amounts under $10 bucks. This often results in
much time being wasted to find these minor amounts. Now, if
Congress wanted to EXEMPT such small amounts from taxation,
that would be something else. <grin>
"File Form 1099-INT, Interest Income, for each person To
whom you paid amounts reportable in boxes 1 and 3 of at
least $10 (or at least $600 of interest paid in the course
of your trade or business described in the instructions for
Box 1. Interest Income on page INT-2), "

I didn't think an institution is required to send 1099-INTs
unless at least $10 is paid. I've had an account with Bank
of New York for years that never has sent me a 1099-INT...I
earn less than $5. interest on it. And yes, I do report it.
 

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