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New Member
posted Jan 20, 2024 1:12:23 PM

I received a form from IRS, 1099-int. It's very vague. Just has a payer's fed id number and amount of interest paid or credited. No other info

The form does not state who I paid the interest to

0 5 405
5 Replies
Level 15
Jan 20, 2024 1:15:43 PM

The form is reporting that you were paid interest by the IRS.  The IRS is the payer of the interest and you received the amount shown that is to be entered in box 1 of the Form 1099-INT.

Expert Alumni
Jan 20, 2024 1:18:11 PM

If the form you received is a Form 1099-INT, that indicates that the issuer of the form paid you interest instead of you paying the interest to an entity.

 

If the form came from the IRS, it would indicate that they paid you interest income, possibly from a delayed refund.  You will report that interest as income reported on Form 1099-INT box 1, with the payer shown as the IRS.  Use the following steps to get started:

 

  • On the top row of the TurboTax online screen, click on Search (or for CD/downloaded TurboTax locate the search box in the upper right corner) 
  • This opens a box where you can type in “interest income” and click the magnifying glass (or for CD/downloaded TurboTax, click Find)
  • The search results will give you an option to “Jump to interest income
  • Click on the blue “Jump to interest income” link and enter your information

 

@tgab7457 

Level 15
Jan 20, 2024 1:25:30 PM

Enter interest from the IRS like a 1099Int and put the amount in box 1.  Enter it manually and just enter IRS for the payer.  Don't enter any other info like the address or a EIN.

 

Enter a 1099-Int  under

Federal on left

Wages & Income at top

Interest and Dividends

Interest on 1099INT - Click the Start or Revisit button

New Member
Apr 5, 2024 1:24:12 PM

Hi.
When I file this interest under Federal, should I also report it under State?

NY State flow in Turbotax has "Changes to Federal Income", under it there are "Investment adjustments", under it there is "Investment Income from U.S. Government Agencies. Enter any investment income from U.S. government agencies or exempted by other New York State laws."

And there is a field named "U.S. Government Interest". Should I enter this "interest paid to you by the IRS" amount here?  The IRS phone support, the NY State Tax Dept phone support, and the internet are not sure :( 



Thank you!

Expert Alumni
Apr 5, 2024 1:59:53 PM

The interest you earned is taxable on federal and state. Do not make any adjustments. The IRS is not paying you from a bond or an obligation so it has no chance of being exempt. For other income sources, you can see NY Bond and Obligation guide.

@sfilip