Even though you didn't receive Form 1099-INT, you still report the interest, which is reported on Schedule B.
To enter your 1099-INT follow the steps below:
Refer to the TurboTax Help article Filing Tax Form 1099-INT: Interest Income for more information.
Even though you didn't receive Form 1099-INT, you still report the interest, which is reported on Schedule B.
To enter your 1099-INT follow the steps below:
Refer to the TurboTax Help article Filing Tax Form 1099-INT: Interest Income for more information.
Thank you for the response. However, how am I supposed to report a nonexistent 1099-INT? Won't it get flagged because it doesn't exist?
assuming the bank did not report this to the iRS, reporting more income than their records show should never create a problem. Your situation is common.
No, it won't get flagged because it doesn't exist. Even though the amount is below the reporting threshold for a 1099-INT, it is still required to be reported as income.
You will report it by following the steps @SharonD007 provided. You can enter the information as if you did receive the 1099-INT.
That makes sense, thank you!
Another question - my income was less than the $14,600 required to file, yet it says I still owe taxes. Did the system make a mistake?
There are many reasons why you could have a balance due. Some situations could be:
You can access your personalized information in TurboTax, review your entries
If after reviewing your information, you still have a balance, use the TurboTax W-4 Withholding Calculator tool. It'll help you find the right withholding so that you can better plan for your next tax return.
@spammymailbox101
Sorry--I'd like to give you a thumbs-up (&c.), but . . .
No "Federal" or "Wages & Income" to choose
No "Add more income"
No dropdown
No way to add interest
My FCU (American Heritage FCU) is not listed in TurboTax's dropdown--TurboTax does not recognize it, and there is no way to add an 1099-INT for a corporation that is not on their list.
@EBHPutnam What version do you have? Are you using the Home & Business Desktop program? In Home & Business Federal is broken out into Business and Personal. So whenever you see to go to Federal you click on Personal.
It is just as fast and easy (maybe easier) to enter interest yourself. You just have to enter the bank name and put the amount in box 1. Look at the bottom of the screen and select "Enter a different way". Then select the kind of investment. Then on the next page go to the bottom and pick type it in myself.
See the screenshots on this one
@EBHPutnam If you are using the TurboTax online editions, you must be signed onto your account, accessing the 2024 online tax return and working in one of the section of the tax return, such as Personal Info, Wages & Income, Deductions & Credits, etc.
To report interest income received -
Click on Federal
Click on Wages & Income
Scroll down to Investments and Savings
On Interest on 1099-INT, click on the start or update button
Online returns -
On the screen Did you have investment income in 2024? Click on Yes
On the screen Let's import your tax info, click on Enter a different way
On the screen OK, let's start with one investment type, click on Interest and Continue
On the screen How would you like to upload your 1099-INT? Click on Type it in myself
If you have the Desktop program instead of Enter a Different way it will say Skip Import at the bottom of the screen listing the banks. Then if you get the list of Interest and Dividends there is a pencil icon on the right by each one to edit it. And now they list ALL your interest, dividends and investments mixed on 1 list.