two Box-1 in 1099INT

[DSP]

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....

[AnnetteB6]

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.

[DSP]

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 

[AnnetteB6 · Accepted solution]

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.  

[DSP]

Thanks for solving this. I have another post regarding this under foreign bank interest

Where i have asked one question how to declare foreign bank account interest.  Can i add new 1099-INT from TurboTax and add foreign bank account interest there in Box-1 ? Obviously, since it is foreign bank, i dont have 1099-INT and bank is also not listed in Turbotax so still i can add new 1099-INT and add foreign bank name and add bank interest in USD in Box-1...is that right ? this was my last query before i go ahead submit tax in TuroTax  

[LinaJ2020]

I have provided an answer in your other thread.  Yes, you can create a new Form 1099-INT replica.  

@DSP

[DSP]

Thank you LinaJ2020 🙂