Stupid bank

[oboeguy]

I have one of these accounts parents establish when you're kid. It earns next to nothing because, well, there's next to nothing in there. Anyhow, the stupid bank won't send a statement of interest income because it costs them too much to do it. This was a problem last year, which I resolved by going to the branch (PITA) to find the correct $ figures. I forgot all about it until now (doing taxes again, duh).

Are banks allowed to do this? Don't they have some legal requirement to send the information?

(Yes, I should close the account to avoid this problem, but there are issues attached to doing that)

 

[Baked]

There's a minimum earn income interest before they send you the INT 1099, say, more than $10.

 

[Vic]

IIRC, if a savings account earns below a certain amount in interest income, the savings institution is not required to send you a 1099, and you're not required to report it. I can't recall what that certain amount is, but it is (as you described) pretty much next to nothing.

 

[EagleKeeper]

Originally posted by: Vic
IIRC, if a savings account earns below a certain amount in interest income, the savings institution is not required to send you a 1099, and you're not required to report it. I can't recall what that certain amount is, but it is (as you described) pretty much next to nothing.

There is a minimum interest that you must have (aggrigate) before reporting on your taxes.

There is also a minimum amount of interest that must be earned for an institution to be required to mail you the tax statement. However, they should make arrangements to provide you with the information on request.

Also, you should have the interest earned on any statements that they are required to send you over and beyond the 1099-I.

 

[acemcmac]

you can always close it and claim it as a payday.... that's what I did with mine :beer:

 

[oboeguy]

Originally posted by: acemcmac
you can always close it and claim it as a payday.... that's what I did with mine :beer:

Already thought of that:

(Yes, I should close the account to avoid this problem, but there are issues attached to doing that)

Anyhow, thanks for all the replies, guys. So there's the possibility of not having to report it? Sounds good to me. Any hints as to where to find out?

BTW, I don't get any statements. Maybe they don't send those either now because there's so little activity? (I should check if they are going to the old fam address)