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Originally Posted by Bubba I know I get statements from my savings accounts for interest earned and it's under $600. I thought that there might be witholding or at least reporting to the IRS. |
Banks send out 1099's if there's at least 10.00 worth of interest on an account. But, in the same sense as gambling winnings, they only have to report above a certian amount. It'd probably be closer to a lottery tax. The ticket has to be worth so much before they require tax from it.