I got a letter from IRS about a 1099 INT form

Whats that? I went to the IRS website and I still dont get it. It's says form 1099-INT. It reads that total interest paid or credited is $72.00. Do I owe them?

 

from turbotax:
"What is Form 1099-INT?
Form 1099-INT is used to report your interest income to you (and to the IRS). A payer is required to send you this information by February 1 of the current year.

Important. Payers are only required to report interest payments of $10 or more to the IRS on Form 1099-INT, but you are always required to report any earnings on your tax return, even if less than $10."

i believe it has to do with interest. do you have a bank account? if you made income from interest (CDs, savings accounts) you have to be told that, and it has to be filed.

this is why we cough up the dough to H&R block. "heres all my papers!" and then no worries. they actually had to eat the $5K cost of a mistake once.

 

also- if you owe them, they will let you know. big, bold, scary letters. can't miss those letters.

 

no no, you want the ..

1099-JMT form.


:0

 

You have to claim the interest you make? That's so weird... But I guess it makes sense. Never thought of that before though...

This is why I also go to H&R so i let them do everything

 

when do tax returns usually come in? Mine wont be much, but id be happy if i got that check, like now.