For 1099-INT, I'm trying to fill in q14 "Tax exempt and tax credit bond CUSIP no."

wife-mom-math · ‎February 23, 2023

On the form I got, it says "See detail" and "FATCA filing requirement [ ]". Then the rest of the 1099-INT has entries with all "0.00".

Questions:
1. What should I answer on question 14 in Turbotax? I saw some answers "Various" (but what is 'various' for?), some answers "0.00", etc.

2. On the "FATCA filing req is checked" box question, I should leave it blank right?

Thank you for reading my questions.

AbrahamT · ‎February 23, 2023

In that case leave Box 14 blank. A cusip # simply refers to the registration # on some bonds you may hold.

FATCA requires certain U.S. taxpayers who hold foreign financial assets with an aggregate value of more than the reporting threshold (at least $50,000) to report information about those assets on Form 8938, which must be attached to the taxpayer's annual income tax return. Check with your broker if that situation applies to you. If that's the case, then Filing Form 8938 is only available to those using TurboTax Deluxe or higher. To get to the 8938 section in TurboTax, refer to the following instructions: Open or continue your return if you're not already in it. Search for 8938 and select the Jump to link at the top of the search results.

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View solution in original post

JohnW152 · ‎February 23, 2023

It sounds like the issuer is indicating there's more information you need, but isn't providing it.

If there's no explanation for what "See detail" means -- and it could be in a statement sent with your Form 1099-INT -- call the issuer of the form before you make any line 14 entries in TurboTax.

Be sure to ask if there's any FATCA filing requirement related to the form, as well. This is something the IRS takes seriously, so you want to make sure whether or not you actually need to enter any FATCA information on your return.

wife-mom-math · ‎February 23, 2023

Hi, thanks for your reply.

I think I found a page "Detail for Interest Income", but on that page, the "CUSIP" is empty.

In any case, what should I fill in for question 14 or what other forms am I supposed to fill in?

AbrahamT · ‎February 23, 2023

In that case leave Box 14 blank. A cusip # simply refers to the registration # on some bonds you may hold.

FATCA requires certain U.S. taxpayers who hold foreign financial assets with an aggregate value of more than the reporting threshold (at least $50,000) to report information about those assets on Form 8938, which must be attached to the taxpayer's annual income tax return. Check with your broker if that situation applies to you. If that's the case, then Filing Form 8938 is only available to those using TurboTax Deluxe or higher. To get to the 8938 section in TurboTax, refer to the following instructions: Open or continue your return if you're not already in it. Search for 8938 and select the Jump to link at the top of the search results.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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For 1099-INT, I'm trying to fill in q14 "Tax exempt and tax credit bond CUSIP no."