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lmassih
New Member

Do I have to report 20$ interest bank income (I received 1099-int), and if yes can I still use TurboTax free edition or I have to upgrade?

 
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2 Replies

Do I have to report 20$ interest bank income (I received 1099-int), and if yes can I still use TurboTax free edition or I have to upgrade?

Yes if you don't need the Sch B and $20 doesn't ....

 

free return list.jpg

 

 

If your AGI is $73,000 or less you can probably use IRS Free File.

DavidD66
Employee Tax Expert

Do I have to report 20$ interest bank income (I received 1099-int), and if yes can I still use TurboTax free edition or I have to upgrade?

Yes, you have to report the $20 of interest you received from your bank.  And yes, you can still use TurboTax Free Addition, if you otherwise qualify to use it.  

 

TurboTax Free will handle the following situations (assuming no added tax complexity):

  • W-2 income
  • Limited interest and dividend income reported on a 1099-INT or 1099-DIV
  • IRS standard deduction
  • Earned Income Tax Credit (EIC)
  • Child tax credits
  • Student loan interest deduction
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