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No Form 1099-T received from either B of A or WFB for savings accounts

 
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No Form 1099-T received from either B of A or WFB for savings accounts

Interest earned on savings accounts would be reported on Form 1099-INT.  You may not have earned enough interest for the banks to be required to send you a form.  You still need to report the interest earned even though you did not receive a form.  You can usually find the total earned for the year on your last bank statement for the year.  Then, enter it into TurboTax as if you did receive the Form 1099-INT using the following steps:

  • On the top row of the TurboTax online screen, click on Search (or for CD/downloaded TurboTax locate the search box in the upper right corner)
  • This opens a box where you can type in “interest income” (be sure to enter exactly as shown here) and click the magnifying glass (or for CD/downloaded TurboTax, click Find)
  • The search results will give you an option to “Jump to interest income
  • Click on the blue “Jump to interest income” link and enter your information
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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Expert Alumni

No Form 1099-T received from either B of A or WFB for savings accounts

Interest earned on savings accounts would be reported on Form 1099-INT.  You may not have earned enough interest for the banks to be required to send you a form.  You still need to report the interest earned even though you did not receive a form.  You can usually find the total earned for the year on your last bank statement for the year.  Then, enter it into TurboTax as if you did receive the Form 1099-INT using the following steps:

  • On the top row of the TurboTax online screen, click on Search (or for CD/downloaded TurboTax locate the search box in the upper right corner)
  • This opens a box where you can type in “interest income” (be sure to enter exactly as shown here) and click the magnifying glass (or for CD/downloaded TurboTax, click Find)
  • The search results will give you an option to “Jump to interest income
  • Click on the blue “Jump to interest income” link and enter your information
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

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