two Box-1 in 1099INT

Forum|Forum|6 years ago
February 1, 2020
6 replies
55 views

i have received the 1099-INT where i can see, two Box-1..one for saving account interest and one for "Time Deposit interest income" ...my question is do i need to sum up both the number and enter in turbox tax Box-1 of 1099-INT form ?

Please note that, my bank deposit will be matured in year of 2020....

Best answer by AnnetteB6

Yes, it is being reported on your 2019 Form 1099-INT because your account was credited with having earned that interest in 2019. This applies even though you will not receive that interest in hand until 2020 when the CD matures.

Then, on your 2020 tax return, you will only be reporting interest that the CD earns during 2020 through the date of maturity.

AnnetteB6

Employee Tax Expert

Yes, you can add the two box 1 amounts together and report it as a single entry in your return as long as the amounts are being paid by the same financial institution.

You can also make it two separate entries if you choose to.

The end result will be the same on your return.

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DSPAuthor

Level 3

Thank you so much AnnetteB6,

Before i do, i have one small query. My another Box-1 in 1099 INT is for "Time Deposit" which will be matured in 2020. Basically. my CD end date is in 2020 and i will get all the money in this year only including interest. In this case also, i need to declare and add time deposit interest in Box-1

thanks again for your quick answer