If you’re looking for ways to boost your interest income, you’re in luck. There are a number of strategies you can use to get more out of your savings. From investing in high-yield accounts to taking advantage of interest-earning credit cards, here are some of the best ways to earn more interest on your money.
What interest income is not taxable?
If you earn more than $10 in interest from any person or entity, you should receive a form 1099-int that specifies the exact amount you received in bank interest for your tax return. There is technically no minimum amount of reported income because you must include any interest you get on your income tax return.
Whether to report interest income under $10.
You must still report any interest earned and credited to your account throughout the year, even if you did not receive a form 1099-int or if it was less than $10.