☰
✕
Sign In

Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
Level 2
posted Feb 23, 2021 7:46:05 AM

Does receiving a 1099 INT for a bank reward ($60) mean we have to itemize?

My wife and I file married-separately, and for this first time she got a 1099 INT for a bank reward cash out.  Does this mean she has to itemize, and thus I do too?  Or is there a higher value limit to reach that would cause us to have to itemize?

0 1 107
1 Replies
Expert Alumni
Feb 23, 2021 8:03:58 AM

No, receiving interest income reported on Form 1099-INT does not mean you have to itemize.  

 

Form 1099-INT is income that needs to be reported on your spouse's return.  It is not a deduction that would affect itemized deductions for either of you.  

 

Use the following steps to report the income on her return:

  • On the top row of the TurboTax online screen, click on Search (or for CD/downloaded TurboTax locate the search box in the upper right corner)
  • This opens a box where you can type in “interest income” and click the magnifying glass (or for CD/downloaded TurboTax, click Find)
  • The search results will give you an option to “Jump to interest income”
  • Click on the blue “Jump to interest income” link and enter the information