I have income tax deduction in Box 4 of 1099-Int Question : Should I deduct the tax from interest in that section or TurboTax will add it total Income Tax paid?

If Income Tax is paid for interest earned, should I deduct the tax amount from interest? Or report full interest because Tax amount will be added in total Income tax?

3753

Expert Alumni

Apr 8, 2024 6:54:26 PM

No, enter your 1099-INT exactly like it is. TurboTax will not add Box 4 to income. You have to mark the box that says 'My form has information in more than Box 1' to see the Box 4 entry field.

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I have income tax deduction in Box 4 of 1099-Int Question : Should I deduct the tax from interest in that section or TurboTax will add it total Income Tax paid?