They should have sent you a 1098-INT form that will be entered in the Income Section.
Taxpayers who received a federal tax refund in 2020 may have been paid interest. Refund interest payments are taxable and must be reported on federal income tax returns. In January 2021, the IRS will send Form 1099-INT to anyone who received interest totaling $10 or more.
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I have the same situation for my 2020 return. Interest amount was $3.93. IRS has not sent me a 1098-INT or a 1099-INT—and I suspect they won't.
Since I didn't receive a form, I don't believe I should 'make one up' in the 1099-INT section of TurboTax, as then there would be something that doesn't align with their records.
In this case, where should I enter it? Miscellaneous Income?
Yes, you can report the interest income under miscellaneous income since no 1099-INT was issued. To do this in TurboTax:
- With your return open, go to Federal > Wages & Income
- Open the Less Common Income section and start or revisit the last entry, Miscellaneous Income, 1099-A, 1099-C.
- On the next screen, start/revisit the very last entry, Other Reportable Income, and answer Yes on the following screen.
- On the next screen, enter a description (for example, "IRS interest") and then enter the total amount.
- Select Continue when finished.
The interest will appear as "Other income" on Schedule 1 of your return.
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