Assuming you are looking for information on how to report interest or other income from a UIT (Unit Investment Trust):
UITs provide IRS Forms 1099 to their unitholders annually to summarize the trust's distributions. When an investor sells units, they may realize either a taxable gain or a loss that should be reported on income tax returns. Some UITs may provide income that is free from federal and/or state taxation.
Investors may receive a Form 1099-B summarizing sales transactions, 1099-INT for interest, 1099-DIV for dividends, or a consolidated form with sections listing each type of income.
Enter the information in the matching section to which it pertains, as you would with a brokerage statement. If you have questions about what type of income a particular amount or transaction represents, contact the payer.
When you receive a 1099-INT, you’ll need to understand what each box of the form is reporting, so that you can report your interest on the appropriate lines of your tax return:
- Box 1 of the 1099-INT reports all taxable interest you receive, such as your earnings from a savings account.
- Box 2 reports interest penalties you were charged for withdrawing money from an account before the maturity date.
- Box 3 reports interest earned on U.S. savings bonds or Treasury notes, bills or bonds. Some of this may be tax-exempt.
- Box 4 reports any federal tax withheld on your interest income by the payer.
- Box 8 reports tax-exempt interest and relates to interest-bearing investments you hold with state and local governments, such as municipal bonds.
See this TurboTax tips article for more information on filing with Form 1099-INT.
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