Information about Form 1099-INT

Select a link below to go directly to a topic or read through the document to learn about Form 1099-INT.

• What is Form 1099-INT?
• How do I Enter Form 1099-INT?
• Why is Tax Exempt Interest in Box 8 Increasing my Income?

Form 1099-INT is the official form for reporting your interest income to you (and the IRS). A payer is required to send you this information by February 1 of the current year. In some cases a payer will send you some sort of substitute statement that provides you with the same information a 1099-INT would. You just enter that information into TurboTax as though it came on an official 1099-INT.

Note: Use a separate Form 1099-INT worksheet for each payer and for each type of interest. For example, if you received taxable interest and tax-exempt interest from the same payer, report each amount on separate worksheets in TurboTax.

 

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Here's how to get to the 1099-INT screens in the TurboTax Online:

1. Select the Tools button in the upper right-hand portion of the screen. 
2. Select Topic Search. 
3. When the window opens, type "1099-int" into the box, select the item that best describes the 1099-INT that you received, and then select GO. 
4. Follow the on-screen instructions to enter the information from your 1099-INT.

Here's how to get to the 1099-INT screens in the TurboTax desktop or CD/download version:

1. Enter your cursor into the search box in the upper right-hand portion of the screen. 
2. Type "1099-int" into the box, click on the item that best describes the 1099-INT that you received. 
3. Follow the on-screen instructions to enter the information from your 1099-INT.

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In general, any interest amounts in Box 8 are tax exempt, however, you may have other sources of income that use this amount to determine how much of your income is taxable.

For example, if you receive Social Security benefits, the amount in Box 8 is included in calculating how much of your Social Security income is taxable. This amount is added to the amount of your taxable Social Security income, which will increase your total income.

You can compare lines 7 through 21 on your Form 1040 both before and after adding the amount in Box 8 on Form 1099-INT to see how it affects the calculations of your total income.

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