T-Bills income tax filing
If I get a 1099-I for t-bill interest, but my total interest income for the year is less than $14k, do I have to report it? Doing my taxes myself on-line, I file for free, unless I report a 1099-I. Then I’d have to pay $30 for the tax form that includes 1099’s. Thank you!
Terry Says
Your total income determines your filing status, but yes –now that you’ve received a 1099 from Treasury I would suggest paying the $30 and filing your tax return. It’s cheaper than starting a correspondence with the IRS!
Also note that you have to go online to get your 1099 — posted on your TreasuryDirect account page. AND, you won’t get one until the year your T-bill investment matures.
