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jonmolina1974
New Member

I received a 1099 from my bank. I opened a checking account and they gave me $300. Do I need to file a 1099 misc, and if so, can I still use turbo delix to file?

 
2 Replies
PaulaM
Expert Alumni

I received a 1099 from my bank. I opened a checking account and they gave me $300. Do I need to file a 1099 misc, and if so, can I still use turbo delix to file?

What box number is the income reported on your your 1099-MISC (Box 3 or 7)? As Critter#2 notes below, if you have a 1099-INT, then enter in the Interest section.

If you have a 1099-MISC, you can use TurboTax Deluxe to report the form as income (with no expenses)

Type 1099-MISC in the search box, then select the 'jump to' link. Enter the form details and the follow up questions. Be certain to answer the question 'Did the (form) involve an intent to earn money' NO. Continue on.

The $300 will be reported on line 21 as Other Income on your tax return.

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Critter
Level 15

I received a 1099 from my bank. I opened a checking account and they gave me $300. Do I need to file a 1099 misc, and if so, can I still use turbo delix to file?

Banks usually issue a 1099-INT for that sort of thing ... is that what you got ?   If so you will enter it as bank interest.
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