Where should I enter 1099 omb 1545-0112

[cynran23]

I am finding different answers on where and how to enter Interest Income for a Form 1099 OMB No 1545-0112. Can I get the correct answer from TurboTax?

[Phillip1 · Accepted solution]

The OMB 1545-0112 is not the important information on that form. The important information is usually the letters that follow the 1099. In this case, it sounds like you have a 1099-INT. If this is the case, enter the information using the following steps:

1. Go to the Federal category 
2. Click on the Wages and Income TAB.
3. Find the section labeled Interest and Dividends.
4. Click start on the line labeled Interest on 1099-INT

[K B1]

1099-INT--If you only have line 1 interest, you can use step-by-step.  If more lines of entry, go to FORMS (upper rt corner selection) and enter that way. 

[Tucky512]

Like the original poster, I got the same form #.   Oddly it says Interest Income in print, but NEVER uses the 1099-INT naming convention.  It is interest from my state, PA,  based on a prior tax year (amended return), but paid in 2020.  There is info in box 2 that says "For tax year".  Turbo prompts "My form has more info than just Box 1", however  BOX 2 on this OMB (For Tax Year:) does NOT match Box 2 of the 1099-INT (Early withdrawal penalty)... 

I'm assuming I should skip box 2 entry and enter the interest income only.  Sound right?  

[gloriah5200]

Yes, if your 1099-int does not contain an early withdrawal penalty amount in box 2 then you can skip it since it shows other information that will not change the dollar amount on your return.

Enter the interest income in box 1 in the return reported under the correct ein.

[Tucky512]

Thanks... but again, it is not labeled anywhere as 1099-INT, it just has the words 'interest income'.  After Box 1, it only has Box 2 "For Tax Year" and Box 3 "Federal Income Tax Withheld"  There are NO boxes 4-17 as on the standard 1099-INT...  guess that is why it isn't formally labeled 1099-INT.  

Since the Feds got a copy of it, I won't fret how to report my Box 2 'For Tax Year' ...wouldn't have changed my refund in either year.  Thanks again