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Do I have to Report Interest to IRS?

I currently have two CDs with my bank. Do I have to report the interest I have made off these to the IRS?

Yes. You are responsible for reporting interest income to the IRS in the year that it is earned, if it's credited to the accounts. If you earn more than $10 in interest in the year, the bank should send you a 1099-INT showing the interest earned. That same amount is reported by the bank to the IRS. It's important to note that even if you don't receive a 1099-INT from the bank, the interest is reportable income. Published on 1/23/08