Deductions & credits

You have two steps. You need to file the income as a 1099-INT and then subtract it out.

Code 29- bank interest $600

Exempt interest under IRC and not subject to withholding.

Follow these steps:

1. Federal income
2. Interest and dividends
3. Interest on 1099-INT, start
4. Did you receive interest income?, select yes
5. Select I'll type it in myself, continue
6. Received from, enter payor and the amount, continue
7. Tell us if any of these uncommon situations apply, select I need to adjust the taxable amount
8. Continue
9. Enter the same amount, as a positive
10. Select Other reasons, continue

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