topic Re: 1099-int in Get your taxes done using TurboTax

1099-int

chrisp1698 — Sat, 22 Feb 2020 23:47:15 GMT

I did not receive a 1099-INT because the total was less than $10.00. Must I still report it?

Thanks, Chris

Re: 1099-int

LinaJ2020 — Sun, 23 Feb 2020 00:08:04 GMT

Yes, you will still report it on your taxes though you did not receive a Form 1099-INT. You will report it as if you receive a Form 1099-INT.

To enter information, here are the steps:

In TurboTax online,

Sign in to your account and select Pick up where you left off
At the upper right corner, in the search box, type in 1099int then Enter
Select "Jump to 1099int "
Follow prompts

Re: 1099-int

camp296 — Sun, 15 Mar 2020 16:40:00 GMT

I have entered the interest earned but must also enter the bank's FEIN. The interest earned was less than $10 so I did not receive a 1099-INT. How do I get the bank's FEIN?

Re: 1099-int

JohnW222 — Sun, 15 Mar 2020 16:51:53 GMT

You can contact the bank, but there's no requirement for entry of a FEIN when reporting interest income.

In the Review process in TurboTax, the program may request that you enter the FEIN. Click Continue on this screen, and you should be able to file without the FEIN.

Re: 1099-int

camp296 — Sun, 15 Mar 2020 16:55:16 GMT

I did that but when I finished the final check took me back to the 1099-int and indicated the FEIN was required info. What do I do to complete my return without the FEIN?

Re: 1099-int

LinaJ2020 — Mon, 16 Mar 2020 20:40:46 GMT

You can report it under Other Income so that you will be able to e-file. Here are the steps:

In TurboTax online,

Sign in to your account, select Pick up where you left off
To the right upper corner, in the search box, type in "other reportable income" and Enter
Select Jump to other reportable income
Next screen, Other Wages Received, select No to continue
Next screen, scroll down all the way to the bottom, under Other reportable income, select Start
Next screen, Any Other Taxable Income? select Yes to continue
Enter a description and the amount.

Technically, you would enter a Form 1099 for interest, dividends to create a Schedule B. However, with a foreign entity, you would not have a US FEIN to qualify for the e-file. For the workaround, I would suggest you enter the information under Other Income in the program. To the IRS, as long as the total amount is reported on your taxes as Other income on line 7a Form 1040, you should be Okay.

@camp296