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Level 1
posted Mar 24, 2022 12:32:45 PM

Do I have to enter $7.68 interest even though I did not get a 1099-INT?

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1 Best answer
Level 15
Mar 24, 2022 12:40:52 PM

Yes, most banks do not send a 1099-INT form when the amount is less than $10.  You do need to enter the amount even though you did not get a 1099-INT.

 

Form 1099-INT reports interest from banks, brokerages, and other financial institutions. Here's how to enter a 1099-INT:

  1. Open (continue) your return if it's not already open.
  2. Inside TurboTax, search for 1099-INT and select the Jump to link in the search results.
  3. Answer Yes to Did you receive any interest income?
    • If you see Here's the interest we have so far, select Add interest income.
  4. On the following screen, select how you want to enter your 1099-INT (import or type it in yourself) and follow the on-screen instructions.

4 Replies
Level 15
Mar 24, 2022 12:40:52 PM

Yes, most banks do not send a 1099-INT form when the amount is less than $10.  You do need to enter the amount even though you did not get a 1099-INT.

 

Form 1099-INT reports interest from banks, brokerages, and other financial institutions. Here's how to enter a 1099-INT:

  1. Open (continue) your return if it's not already open.
  2. Inside TurboTax, search for 1099-INT and select the Jump to link in the search results.
  3. Answer Yes to Did you receive any interest income?
    • If you see Here's the interest we have so far, select Add interest income.
  4. On the following screen, select how you want to enter your 1099-INT (import or type it in yourself) and follow the on-screen instructions.

Level 1
Mar 24, 2022 7:17:27 PM

Thanks for the reply.  I just wonder how the IRS knows about it when they don't get the equivalent 1099-INT.  😑

Expert Alumni
Mar 24, 2022 8:19:24 PM

The IRS will not know about the interest, but you are required to report it anyway. 

Level 1
Mar 24, 2022 8:31:55 PM

Thanks!👌