How do i enter a 1099 with nothing after it?

[delphivic]

i got a 1099 with no -int or -r after it, just 1099. it has 3 OMB numbers: 1545-0715 broker, 1545-0110 dividends and 1545-0112 interest all in the top corner under "1099". it was unclaimed property from my late husband. it has boxes with our names, the filers name (which is dept of treasury unclaimed prop div), and their FIN. there is a box titled "taxable interest" - but no box number, which has a dollar amount. there is also box 5 which has "non covered securities" checkmarked. I'm not sure whether to enter as misc income, a 1099-int or 1099-div or what? thank you

[CathiM · Accepted solution]

Unclaimed property 1099s usually are issued by the states. You can check with your state to get more information or just enter it as an 1099-INT since the dollar amount is marked as taxable interest.  You should be safe with that entry.

Only 1099-B has a Box 5 that can be checked for "non-covered securities".  But it doesn't make sense to enter it as 1099-B if the only amount on the 1099 is taxable interest.

[delphivic]

that's what i was thinking. could it be a combined brokerage and interest statement? should i try and enter it as a 1099-b? would the fact that its non covered securities change the amount of tax i would owe on the interest? thanks

[CathiM]

Yes, you may be able to come up with a cost basis, it would be a better tax situation to enter it as a 1099-B and that might be a capital gain instead of ordinary income.  Just keep your records to justify it.

[delphivic]

turns out id have to upgrade to TT premier to report as 1099-b... doesn't seem worth it as that's my only gain. maybe just report as 1099-int and pay the tax on the interest?

[delphivic]

on the form theres another box, 1.d which is titled "stock sale proceeds" and the amount is 0. so that tells me maybe this is a combined 1099 but its just regular interest income. sound right?

[CathiM]

Yes, that helps.  If the stock sale proceeds is $0, it is probably interest income.  Considering the cost to upgrade is also important.

[delphivic]

sorry i figured since it was a 0 it was irrelevant... ill just report as a 1099-int. thank you very much for your help

[CathiM]

Your welcome.  Also, I am very sorry for your loss.