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Investors & landlords
To start with, the IRS description of interest is simple. So, this should be included as interest.
"interest — the charge for the use of borrowed money.
interest income — the income a person receives from certain bank accounts or from lending money to someone else.
taxable interest income — interest income that is subject to income tax. All interest income is taxable unless specifically excluded.
tax-exempt interest income — interest income that is not subject to income tax. Tax-exempt interest income is earned from bonds issued by states, cities, or counties and the District of Columbia." IRS Interest Income
To manually post a 1099-INT
- Select Federal
- Wages & Income
- Scroll to Investments & Savings and
- select Show More,
- Start or Revisit next to Interest on 1099-INT - Okay!
- Time to kick off your investments!
- Yes, on the screen Did you receive any interest income? then Continue.
- If you see the screen Your investments & savings or Here's your 1099-INT info, select.
- Add investments or add another 1099-INT, then Continue.
- Choose how you'd like to enter your 1099-DIV:
- If you'd rather manually enter your form, select.
- Change how I enter my form, select.
- 1099-INT, then
- Type it in myself on the following screen.
- If you'd rather manually enter your form, select.
- Follow the on-screen instructions to enter the info from your 1099-INT.
- When you reach the screen Here's your 1099-DIV info, the form you just entered should be listed.
- If you need to enter another 1099-INT, select Add another 1099-INT and follow Steps 4-6 above.
Note: Don't combine the amounts from two or more 1099-INT forms if they're from the same payer—enter each form separately.
If this does not completely answer your question, please contact us again and provide some additional details.
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