Interest Goes Onto My Own Return
Thank you all for the discussion, which seems to recognize that there are practical problems about reporting interest where there has been no 1099-INT provided. Still, the truth is that the IRS has definitely got the interest paid information, for I saw it right there on the transcript of taxpayer's account.
It is probably a fact that enforcement of the reporting requirement for the interest paid on the phone excise tax refund is low on the IRS priority list. Nonetheless, I will definitely be reporting this interest item on my own tax return even though it is less than $10.
Thank you all for the discussion, which seems to recognize that there are practical problems about reporting interest where there has been no 1099-INT provided. Still, the truth is that the IRS has definitely got the interest paid information, for I saw it right there on the transcript of taxpayer's account.
It is probably a fact that enforcement of the reporting requirement for the interest paid on the phone excise tax refund is low on the IRS priority list. Nonetheless, I will definitely be reporting this interest item on my own tax return even though it is less than $10.
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