- Information about Form 1099-INT
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?
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 1st of the current year. Very often, however, of particularly with interest, 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.How do I enter Form 1099-INT?
For TurboTax Basic, Deluxe, or Premier:
Start TurboTax and then open your tax return.
- Select the Federal Taxes tab, then select Wages & Income.
- On the Any Other Income? screen, under Do you have any other income to enter?, select Yes.
- Click Continue.
- In the Your Income screen, click on Select Specific Topics.
- On the Your Income screen, under Interest and Dividends, click on the View List button
- Select the Start or Revisit button for Interest on 1099-INT.
- In the Any Interest Income screen, select the Yes button.
- In the Enter Your Interest Income screen, enter the information exactly as it appears on the Form 1099-INT you received from the payer.
- Follow the on-screen instructions.
- In the Interest Income Summary screen, you can Add, Edit, or Delete your 1099-INT information, or select Done.
For TurboTax Home & Business:
You'll enter 1099-INT information in a similar manner to TurboTax Basic, Deluxe, or Premier.
- Select the Personal tab, then select Personal Income.
- In the Your Personal Income screen, select the Select Specific Topics button.
- In the Your Personal Income screen, select Interest and Dividends.
- Select the Start or Revisit button for 1099-INT Interest.
- In the Any Interest Income screen, select the Yes button.
- In the Report Interest Income screen, enter the information exactly as it appears on the Form 1099-INT you received from the IRS.
- Follow the on-screen instructions.
- In the Interest Income Summary screen, you can Add, Edit, or Delete your 1099-INT information, or select Done.
Why is the tax exempt interest amount in Box 8 increasing my total income?
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 the calculation of 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.
