You will report IRS interest as if it is reported on a Form 1099-INT. Here are the steps:
In TurboTax online,
- Sign into your account and select Pick up where you left off
- At upper right corner, in search box, type in 1099int then Enter
- Select "Jump to 1099int"
- Follow prompts
- Enter the Institution ( Internal Revenue Service )as Receives from
- Enter your interest in Box 1 and any other information if provided.
For those amounts less than 50 cents, you do not need to report.
For the year of 2020, the interest payment most likely is due to the IRS 's delay on last year's filing deadline to July 15. The new deadline was related to COVID-19 and is considered as a disaster-related postponement. As a result, the IRS is required by law to pay interest calculated from 4/15, the original April filing deadline. In order to get an interest payment , the taxpayer must have filed their 2019 tax returns by July 15, 2020. For details, click here: IRS interest
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