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If my only income in 2025 was Social Security retirement of about $24600 and $600 in bank interest, where should I report that bank interest?

 
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3 Replies
pk
Level 15
Level 15

If my only income in 2025 was Social Security retirement of about $24600 and $600 in bank interest, where should I report that bank interest?

@jpgoodsell , you still prepare a 1040 return as usual.  However give the figures you quote, you tax liability is probably NIL -- but you still have to file.  If you don't then IRS will send you a notice  CP2000 for nor reporting income ( because they will have a copy of the 1099-INT showing a $600  interest income.

 

Does this help ?  Or did I mis-understand your question.

DaveF1006
Employee Tax Expert

If my only income in 2025 was Social Security retirement of about $24600 and $600 in bank interest, where should I report that bank interest?

 Here is how to report bank interest and Social Security in TurboTax.

 

1. Reporting Bank Interest (Form 1099-INT)

  1. Step 1: Open your return and select Federal from the left-hand menu.
  2. Step 2: Click on the Wages & Income tab (top of the screen).
  3. Step 3: Scroll down to the Investments and Savings section.
  4. Step 4: Click Start or Revisit next to Interest on 1099-INT.
  5. Step 5: You will be asked if you want to import your data.
  6. I would suggest instead of importing, to enter it manually by typing it yourself.
  7. To Type Manually: Click Enter a different way or Change how I enter my form at the bottom, then select 1099-INT.
  8. Step 6: Enter the amount from Box 1 (Taxable Interest) and any other boxes filled on your form (like Box 4 for federal tax withheld).

2. Reporting Social Security (Form SSA-1099)

TurboTax calculates how much of your Social Security is taxed (which can range from 0% to 85% depending on your other income). In your case, I doubt you have taxable income.

 

Step 1: In the same Federal/Wages & Income area, scroll down to the Retirement Plans and Social Security section. 

Step 2: Click Start or Revisit next to Social Security (SSA-1099, RRB-1099).

Step 3: On the screen "Did you receive Social Security benefits?" select Yes.

Step 4: Choose SSA-1099 (unless you have Railroad Retirement, which is RRB-1099).

Step 5: Enter the amounts exactly as they appear on your form:

  • Box 3: Description of Amount (Gross Benefits).
  • Box 5: Net Benefits for 2025.
  • Box 6: Voluntary Federal Income Tax Withheld (if any).
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If my only income in 2025 was Social Security retirement of about $24600 and $600 in bank interest, where should I report that bank interest?

@jpgoodsell suggest reviewing the IRS rules about who needs to file. 

 

Normally, someone with only $600 of interest income is not required to file a tax return. 

 

https://www.irs.gov/help/ita/do-i-need-to-file-a-tax-return

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