1099 Int.

5 replies
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I did a rollover of a cd/ira in Feb. 2020, I received a 1099 Int. for Jan. and Feb. 2020 . Do I report the 1099 Int. on my Turbo Tax?

MinhT1

Alumni - Intuit

Yes. The interest earned on the CD before the rollover is taxable. The form 1099-INT has to be reported on your tax return.

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VolvoGirl

Level 15

If the CD was in a IRA you do not report the interest. How did you roll a CD into a IRA? Did you use the money when the CD matured to make a new IRA contribution? You get a 1099R for IRA rollovers and distributions.

dmcguireAuthor

Level 2

It was a IRA/CD that matured and I rollover to a new IRA/CD at another credit union. It was a complete rollover , I did not receive any money from the IRA. It was rollover on the same day, from one credit union to another credit union. That's why I did not no why I was receiving the 1099 Int. for interest for only two months of the year. That's why I was wondering if I have to report the interest on a IRA , when I did not actually receive any money from the IRA. So, I have to pay taxes on this money this year and again when I take this money out of my IRA?

VolvoGirl

Level 15

No you do not report interest, dividends or transactions inside a IRA. Just distributions and rollovers. I guess if they did a direct rollover you won't get a 1099R for it. @dmertz