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Level 1
posted Jan 20, 2025 4:35:10 AM

I have a 1099-INT with $68 of interest. After entering the amount into TurboTax, the amount is showing $0. Has something changed in the tax laws?

0 2 854
1 Best answer
Employee Tax Expert
Jan 20, 2025 9:19:01 AM

If the amount showing $0 is tax due, @baldietax is exactly right. ‌Continue on with your return, as there is no tax liability for $68.

 

If the interest income is showing $0, revisit that section in TTO:

 

1. Federal > Wages & Income

2. Investment and Savings

3. Interest on 1099-INT

4. Select the entity that paid $68 and be sure the amount is entered in the proper box number in TTO.  

 

Here is some helpful information on taxation of interest.

 

 

2 Replies
Level 6
Jan 20, 2025 5:03:34 AM

Depends what else you have going into your taxes and deductions.  If that's literally the only thing you put in TT so far it will show $0 tax because your AGI will fall below standard deduction and your taxable income will be zero until you cross that deduction threshold.  Check Form 1040 to see the calculations.

Employee Tax Expert
Jan 20, 2025 9:19:01 AM

If the amount showing $0 is tax due, @baldietax is exactly right. ‌Continue on with your return, as there is no tax liability for $68.

 

If the interest income is showing $0, revisit that section in TTO:

 

1. Federal > Wages & Income

2. Investment and Savings

3. Interest on 1099-INT

4. Select the entity that paid $68 and be sure the amount is entered in the proper box number in TTO.  

 

Here is some helpful information on taxation of interest.