Eleni received $⁢500 in interest from her bank account. Which form should she use to report this interest income?

Eleni reports taxable bank interest on Form 1040. Since she received $500—less than the $1,500 threshold that generally requires Schedule B—she can report the interest directly on Form 1040. The bank may send her Form 1099-INT to show the interest paid, but that is not the form she uses to report it on her tax return.

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