New to E filing this year. When interest received is below $1,500 can you just add all the interest together and put the total on interest received line. Or do you have to list each individual 1099INT in tax program before you can E File the return.
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Interest and e file
Totals are fine but I would suggest you at least list the interest separately for future reference or in case you get a letter down the road about something not reported. It takes very little time. -
Not New
It may be new to electronic filing, but it has always been a requirement to list the payers on schedule B when the threshhold was met. $1500 now, $400 in years past. Bucky Beaver is right too -- unreported interest generates lots of IRS letters wanting to know why you haven't reported. If you don't have detail, how would you respond?
If e-file requirements have you stymied, however, you can always report all interest under a single bank, and PRESTO! Instant acceptance!Comment
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E file
I list the banks, etc. it on the Schedule B but I have seen other people list just the word "interest" and the total amount. It does efile like that.Comment
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