Yes, you must report all interest earned on savings accounts as income on your tax return, even if you don’t receive a 1099-INT.
Individual Taxes
Is alimony received in 2025 taxable?
Alimony received in 2025 is taxable only if your divorce agreement was executed before 2019 and hasn’t been modified to exclude it from income.
Are scholarships or grants considered taxable income?
Scholarships and grants are tax-free if used for tuition and required expenses by degree candidates, but amounts used for room, board, or compensation for services are taxable.
Do I need to report gambling winnings, and can I deduct losses?
Gambling winnings are fully taxable and must be reported; losses can be deducted only if you itemize and cannot exceed your reported winnings.
Are unemployment benefits taxable in 2025?
Unemployment benefits remain taxable in 2025 under current IRS rules—recipients should report them as income and consider tax withholding.
Are Social Security benefits taxable?
Social Security benefits may be taxable depending on your income—up to 85% could be taxed if your combined income exceeds IRS thresholds
Do I need to report income from selling items online (e.g., eBay)?
Selling items online? Report all income—business sales go on Schedule C, personal gains may be taxable, and losses generally aren’t deductible.
How do I report income from a side hustle or hobby?
Report side hustle income on Schedule C if it’s a business, or Schedule 1 if it’s a hobby—track all income, even without a 1099 form.
Do gig workers need to file Form 1099-NEC for income reporting?
Gig workers don’t file Form 1099-NEC themselves; it’s issued by payers. Still, all income must be reported, even without receiving the form.
Do I need to report income from freelance or gig work (e.g., Uber, Etsy)?
Yes, income from freelance or gig work like Uber or Etsy must be reported and may require paying self-employment tax if earnings exceed $400.