topic Federal interest income in Get your taxes done using TurboTax

Federal interest income

PipiR — Fri, 31 Jan 2025 04:20:26 GMT

I received a letter from IRS stating that I had taxable interest paid to me by the Internal Revenue Service in 2024 in the amount of $17.00. There is no form number. I tentatively entered the amount in form 1040, column 1H "Other Earned Income." Would this be correct?

Re: Federal interest income

KeshaH — Fri, 31 Jan 2025 04:22:28 GMT

You can enter this income as interest under Form 1099-INT. Enter Internal Revenue Service as the payer and $17 as the amount.

Re: Federal interest income

PipiR — Fri, 31 Jan 2025 04:26:13 GMT

The letter states that I should report this interest as income. Would this interest be considered income or merely intestest?

Re: Federal interest income

VolvoGirl — Fri, 31 Jan 2025 04:28:51 GMT

It’s both. Interest is income.

Enter interest from the IRS like a 1099Int and put the amount in box 1. Enter it manually and just enter IRS for the payer. Don't enter any other info like the address or a EIN.

Enter a 1099-Int under

Federal on left

Wages & Income

Interest and Dividends

Interest on 1099INT - Click the Start or Revisit button