Im having difficulty filing firm 1099-INT. I received a letter from the IRS that states;
“Statement showing interest income from internal revenue service”
”calendar year: 2022”
”recipients identification number”
“total interests paid or credited : $14.48”
”payers federal identification number”.
Ive input the information I could but Turbotax is asking me about “box 3:Interest on U.S. Savings Bonds and Treas. obligations”. Im not sure what to do.
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The letter from the IRS is a 1099-INT in disguise. The amount of interest goes in box 1. For the name of the payer you can enter IRS or U.S. Treasury. That's all you have to enter. You should not be entering anything in box 3. It's not interest on savings bonds or a treasury obligation (even though the Treasury pays it). It's just like interest from a bank account.
Under Federal Taxes, select Wages & Income, then "I'll choose what I work on." Scroll down to Interest and Dividends, select "Interest on 1099-INT." Add interest form and enter data from the letter in the corresponding boxes. Generally in these cases, you won't have info in more than box 1. Click on Continue.
This is almost certainly interest that accrued on a federal income tax refund that you received late from the IRS. See the IRS's Interest for Individuals page for more information.
You'll need to enter information from this form into TurboTax manually, and don’t enter anything in the Box 3 field. Just enter Box 1.
Please see the TurboTax Help article Where do I enter Form 1099-INT? for guidance.
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