I have just dug through my bank statements, and see that I have earned 37.12 in interest on UK based bank accounts in 2008. 35.63 from my main account, and the rest is much smaller amounts over 5 different accounts (most with less than 0.10).
Do I just declare this on Schedule B? Is there any sort of threshold amount, or do I need to list all of these interest bearing accounts--even those that earned piddly amounts of interest?
Do I need to report it anywhere else? I'm not completely clear on how UK interest works, but I assume that I have already paid UK tax on this money, which has been deducted by the bank. I guess I could file form 1116, but not sure if it is worth it for such a small amount, since it will not push me over the standard deduction, so I will not owe tax in any case.
Also, obviously I do not have any 1099s for these accounts. I'm assuming that similarly to my earned income, I do not need to include proof of my interest earnings (although I will hold on to my statements in case of audit). Is this correct?
Thanks in advance.
Edited: As I realized that I have only earned 50% of what I originally thought since it is a joint account.
