@kellykar2012 wrote:
The base amount of $573.91 was from an inactive bank account. I was able to go into the website "Unclained Money" to retrieve the money.
The breakdown on the check is as I wrote. The total amount of the check is $713. That amount is the Reported Amount and the Taxable Interest added together. It states the amount that is taxable interest. Are you stating I must pay additional interest on the base amount?
Again, what dollar amount goes where on the Turbo tax form?
I truly appreciate all the responses!
Since this was originally your money you deposited in a bank account, the base amount of $573 is not taxable. You already paid tax on that money when you originally earned it.
The interest amount is taxable income. Enter it on the Wages and Income page under "Interest on 1099-INT" even though you don't have a 1099-INT, this will put it in the correct place on your tax return.
