How do I get the 1099-INT form from Bank of America?

[mesquitebean]

Are you asking how to import it from your bank account into your TurboTax online return?   Or have you tried, and it was  unsuccessful?   Did Bank of America mail you a 1099-INT for 2018?

[rbigley22]

I'm asking how do I find the 1099-INT for 2018 online. I don't remember being mailed anything from BofA for taxes. Importing from BofA through TurboTax didn't work.

[mesquitebean]

Do you know if you are supposed to even have a 2018 1099-INT or not?   Or do you know you were supposed to get one, but the one you were expecting didn't come in the mail?   

A bank doesn't have to send a 1099-INT if the amount was less than $10, but you still have to report the interest even if below $10.

If you have online banking with BOA, you'd have to look in your account to see if you were paid any interest, and if so, whether they allow people to download a 1099-INT from a tax forms section.

Or if you don't know if you were supposed to get one, phone your BOA customer service and ask them.

[rbigley22]

I see. Thank you for your help! I looked at the documents section and there was no tax document for me in 2018. How do I find the interest amount?

[mesquitebean]

I'm sorry, but I have no way to know if you had 2018 interest or not, and no way to tell you how to navigate the BOA website to see if they have a tax forms section.   Please phone BOA customer service tomorrow for guidance.

[rbigley22]

Ok, will do. Thank you!

[mesquitebean]

You're welcome.  Good luck.

[mesquitebean]

See above discussion.

[hornsbjm48]

Bank of America did not mail one to me.

[mesquitebean]

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@hornsbjm48 wrote:

Bank of America did not mail one to me.

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What is it you need to know?   Did you review the comments in this thread?  Is your situation the same or different?

Did you receive interest payments from Bank of America during 2020?

In general, if your bank interest is less than $10, then a financial institution is not required to provide you a 1099-INT.  But even then you are still required to report the interest.   If you received interest from Bank of America, but don't know the amount to enter, or if you think you "should" have received a 1099-INT from Bank of America but didn't, then you'll need to speak to your bank's customer service for info.

[cali]

>>A bank doesn't have to send a 1099-INT if the amount was less than $10, but you still have to report the interest even if below $10.>>

How do I report less $10 in TurboTax Desktop?

[mesquitebean]

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@ cali wrote:

>>A bank doesn't have to send a 1099-INT if the amount was less than $10, but you still have to report the interest even if below $10.>>

How do I report less $10 in TurboTax Desktop?

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I'll provide an image below.   You enter the small interest "as though" you got it on a 1099-INT even if you didn't.

• Federal Taxes tab.   (or Personal tab in Home and Business)
• Subtab Wages & Income.
• Blue button:  "I'll choose what I work on."
• On Your 2020 Income Summary screen, scroll down to Interest and Dividends.
• For topic "Interest on 1099-INT" click the Start or Update button.
• If asked how you want to enter it, choose "I'll type it in myself."
• Then you should get a screen like the image below.
• After entering the institution name and interest (Box 1), continue on answering any screens until you come to an Interest summary screen.  Verify all is correct there, and if so, click DONE to finish that topic.

.

[cali]

One 1099-INT entry for each account (e.g. checking, savings, etc.) or just sum them up for as long as they're from the same financial institution?

[mesquitebean]

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@ cali wrote:

One 1099-INT entry for each account (e.g. checking, savings, etc.) or just sum them up for as long as they're from the same financial institution?

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As long as the Payer is the same financial institution, you can add them together.

So you have multiple accounts at the same institution, and when you add up all the interest, the total is still less than $10?   If they were to add up to over $10, I'm surprised they didn't send a 1099-INT.