turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

beetzman
New Member

DO I HAVE TO REPORT SAVINGS ACCOUNT INTEREST ?

JUST A SAVINGS ACCOUNT
Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

2 Replies
MinhT1
Expert Alumni

DO I HAVE TO REPORT SAVINGS ACCOUNT INTEREST ?

Yes.

 

You have to report all income. Interest is reported on form 1099-INT. Even if you didn't receive that form, you have to report the income as if you received the form.

 

In TurboTax Online, you can enter your form 1099-INT by following these steps:

  1. Open your tax return
  2. Click on Federal in the left-hand column, then on Wages & Income 
  3. Locate the section Interest and Dividends and click on the arrow on the right
  4. Click Start next to Interest on 1099-INT.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

DO I HAVE TO REPORT SAVINGS ACCOUNT INTEREST ?

all income is supposed to be reported. you can omit it and file and see if the IRS sends you a bill that would include the additional taxes, penalties and interest. The IRS might not if the amount is extremely small and your taxes don't change. Not reporting everything is a poor practice to get into.

 

 

others may offer free-file in which you can report the interest. 

https://www.irs.gov/filing/free-file-do-your-federal-taxes-for-free 

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies