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Originally Posted by greedy4chips
Doesn't the interest earned have to be at least $10 before you are issued a 1099? Or is it $10 minimum before you have to pay taxes?
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You have to report and pay taxes on ANY interest but the company doesn't have to issue a 1099 unless the amount is $10 or more. Same for stock dividends.
The only exceptions I can think of are if your account is a retirement account or if the money market account is tax-free.