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Level 1
posted Mar 23, 2023 6:03:21 AM

How to report Form 1099-INT received from IRS

I received Form 1099-INT from the IRS, and in the form, it is reported that I need to report this interest as income in my 2022 tax return.

I noticed that the amount reported in Form 1099-INT is exactly the correction the IRS made on my 2021 tax return, reported as "interest owed to the taxpayer".

What does this mean? 

How can I report Form 1099-INT on my 2022 tax return?

 

Thank you

0 4 587
1 Best answer
Level 15
Mar 23, 2023 6:07:02 AM

You enter your 1099-INT from the IRS as a regular interest form.  Use the IRS as the Payee.

 

Here's how to enter a 1099-INT:

  1. Sign in to your TurboTax account and open or continue your return
  2. Select Federal from the menu, then Wages & Income
  3. Locate the section titled Investments & Savings and select Show More, then select Start or Revisitnext to Interest on 1099-INT
  4. Select Yes on the screen Did you receive any investment income? then Continue
    • If you see the screen Your investments & savings or Here's your 1099-INT info, select Add investments or Add another 1099-INT, then Continue
  5. On the next screen, select how you want to enter your Form 1099-INT:
    • If you want to import your form, search for your brokerage or financial institution. Sign in to your online account and select Get my form
    • If you want to upload a copy of your form or manually enter the info, select Enter a different way, and follow the instructions to enter your 1099-INT
  6. On the screen Do any of these uncommon situations apply? check the boxes according to your situation and Continue
 
 

4 Replies
Level 15
Mar 23, 2023 6:06:51 AM

Open the 1099-INT form in TurboTax 

all you need is the payer: "IRS".

and the amount.

 

when IRS delays your refund, they pay you interest.

 

@it_carola 

Level 15
Mar 23, 2023 6:07:02 AM

You enter your 1099-INT from the IRS as a regular interest form.  Use the IRS as the Payee.

 

Here's how to enter a 1099-INT:

  1. Sign in to your TurboTax account and open or continue your return
  2. Select Federal from the menu, then Wages & Income
  3. Locate the section titled Investments & Savings and select Show More, then select Start or Revisitnext to Interest on 1099-INT
  4. Select Yes on the screen Did you receive any investment income? then Continue
    • If you see the screen Your investments & savings or Here's your 1099-INT info, select Add investments or Add another 1099-INT, then Continue
  5. On the next screen, select how you want to enter your Form 1099-INT:
    • If you want to import your form, search for your brokerage or financial institution. Sign in to your online account and select Get my form
    • If you want to upload a copy of your form or manually enter the info, select Enter a different way, and follow the instructions to enter your 1099-INT
  6. On the screen Do any of these uncommon situations apply? check the boxes according to your situation and Continue
 
 

Level 1
Mar 23, 2023 6:13:58 AM

Thank you for your reply.

I did as you suggested and faced this question:

Do any of these uncommon situations apply?

1) I need to adjust the interest reported on my form.

2) My state (ME, MD, MA, NH, NJ, or WV) doesn't tax all of this interest.

3) None of these apply.

Should I check 1) or 3)? I am very confused.

 

Thank you.

Level 15
Mar 23, 2023 6:15:18 AM

No. 3, none of these apply.