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Level 1

Solved

I received a Form 1099-INT from IRS

Forum|Forum|7 years ago
June 7, 2019
12 replies
41 views

Is says it is a statement showing interest income paid from the IRS, how do I enter this?

TurboTax Deluxe Online

Best answer by Doc5108

Yes, it is Enter in the same place other Interest 1099-INT forms are entered.

Enter your interest in Box 1
- You enter your 1099-INT Form Interest in the Wages & Income area.
- Click on the Federal Taxes (Personal, in Home & Business product)
- Click on Wages & Income (Personal Income, in Home & Business product)
- Click on [I'll Explore on my own] OR (I’ll choose what I work on) if it's showing
- Go down the Screen to (Interest and Dividends) Online you may have to Click on (Show more)
- Then Under the above is (Interest on 1099-INT) Click on Start, Update, or Edit

Then just Enter the Institution (Received From) Name
Enter your interest in Box 1

dhruvin45

Level 2

What is the 1099-INT IRS form for? I never received this amount.

fsandy

Level 2

i received a notice from IRS about interest received on my tax refund. It is not on a 1099 or any similar form. How do I enter it in TurboTax

VolvoGirl

Level 15

Enter interest from the IRS like a 1099Int and put the amount in box 1.

Enter a 1099-Int under

Federal on left

Wages & Income at top

Interest and Dividends

Interest on 1099INT - Click the Start or Revisit button

Don't enter a bank or broker name and don't try to import it. At the bottom pick - Change How I enter my Form

Then on the next screen pick I'll Type it in Myself

Put the interest amount in box 1

bridgetcc

Level 2

Yes I want to know why I received this as well

Doc5108Answer

Level 4

Yes, it is Enter in the same place other Interest 1099-INT forms are entered.

Then just Enter the Institution (Received From) Name
Enter your interest in Box 1

dhruvin45

Level 2

What is the 1099-INT IRS form for? I never received this amount. Why did I get this form?

VolvoGirl

Level 15

Enter interest from the IRS like a 1099Int and put the amount in box 1.
Enter a 1099-Int  under
Federal Taxes tab
Wages & Income
Choose Jump to Full List -or  I'll choose what I work on
Interest and Dividends
Interest on 1099INT - Click the Start or Update button

Put the interest amount in box 1

emilar59

Level 5

Do you put Irs or 1099INT? Before you enter line 1? I haven't filed for years on SSDI? Another thing I am going to have to amend?

VolvoGirl

Level 15

@emilar59 Did the IRS pay you interest for something?

Enter interest from the IRS like a 1099Int and put the amount in box 1.

Enter a 1099-Int under

Federal on left

Wages & Income at top

Interest and Dividends

Interest on 1099INT - Click the Start or Revisit button

For the Payer or Description put in IRS or US Treasury Dept.

DaBoz

Level 2

I received this form yet I paid taxes in 2020 for 2019. Why would I get a 1099-R?

PattiF

Level 15

Yes, the IRS is issuing 1099-INT for interest paid on refunds due to the longer than usual tax filing season in 2019 when the IRS postponed the tax deadline to July 15. See the first paragraph of this for more information. IRS interest from 2019 1099-INT You said that you paid taxes in 2020 for the Tax Year 2019. If you received a refund for that tax year, this form would report the amount that would of interest that you would receive for the additional three months of tax season. If you had to pay for the 2019 Tax Year, this interest payment would be for an earlier year.

The IRS does not issue a 1099-R.

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kapilrakh

Level 2

But I don't see the amount in my bank, and never received a cheque.

ToddL99

Level 13

How much was reported on the 1099-INT?

DaBoz

Level 2

$225, and I never received this amount, but it definitely came on a 1099-INT

JotikaT2

Employee Tax Expert

If your Adjusted Gross Income is only $355, you may not have a filing requirement based upon your filing status.

Threshold to file a federal income tax return

Since you already filed, if the taxing agencies have any sort of adjustment, you potentially could get a notice letting you know the taxing authorities made an adjustment to your tax return.

If your return is not accepted in electronic filing, you can make any corrections and try filing again if you determine you do have a filing requirement.

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"

emilar59

Level 5

I only filed because I wanted to get stimulus. My daughter claimed me last year but she's practically in the same boat this year..I can only hope this 3rd one will include me. If it dors will they take it off that.

MaryM428

Level 11

Under Income find Interest and Dividends - 1099-INT, 1099-DIV, 1099-OID

Then click Start or Revisit to the Right of 1099-INT

You will not be able to get the form automatically and will select Type It Myself.

Lehua

Level 2

Has your problem been solved? Info would be great, thanks in advance! I am having the same issue. I only received a "statement" from irs! I called both my banks and no 1099-INT being sent because interest paid to me was less than $10 for year 2020. How am I suppose to add without an actual 1099-INT form?

JeffreyR77

Level 10

Follow these instructions from earlier in the thread from @VolvoGirl:

Enter interest from the IRS like a 1099Int and put the amount in box 1.
Enter a 1099-Int under
Federal on left
Wages & Income at top
Interest and Dividends
Interest on 1099INT - Click the Start or Revisit button

For the Payer or Description put in IRS or US Treasury Dept.

martyandapril

Level 2

I never received a 1099-INT from the IRS for interest earned however, I do have the amount deposited from my bank. When entering the info what is the payer FEIN?

Hamptm2522

Level 2

Can anyone give me the EIN on this form. I have tax interest but don't have the form and turbotax won't let me finish filing without it. When I ask for help they seem clueless.

VolvoGirl

Level 15

You shouldn't need to enter an EIN. Just the name like US Treasury or IRS

Enter interest from the IRS like a 1099Int and put the amount in box 1.

Enter a 1099-Int under

Federal on left

Wages & Income at top

Interest and Dividends

Interest on 1099INT - Click the Start or Revisit button

Don't enter a bank or broker name and don't try to import it. At the bottom pick - Change How I enter my Form

Then on the next screen pick I'll Type it in Myself

AS3

Level 2

Should we be expecting a 1099 INT for CA state refunds as well? Or interest on refunds if just a Federal Tax thing?

Cornel34

Level 2

VolvoGirl

Level 15

Interest from the IRS on refunds do not go in box 3 but box 1 as regular interest. As you noted box 3 is for savings bonds and treasury bond interest not plain interest.