Interest Income from IRS is reported as income. It is interest earned from IRS for money owed to you as a refund or amended return etc. It is taxable and increases your tax. Here is where to report it:
To enter your IRS interest form:
- Type 1099-int in the search box and click search.
- Click on Jump to 1099-int.
- On the landing screen, click on I'll type it in myself.
- Enter your IRS interest form and continue.
- Enter the Institution ( Internal Revenue Service ) Name
- Enter your interest in Box 1 and any other information
Most interest income is taxable as ordinary income on your federal tax return, and is therefore subject to ordinary income tax rates. Generally speaking, most interest is considered taxable at the time you receive it or can withdraw it.
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