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fortbliss13
Level 2

Interest Income - without 1099 forms

I know this topic has been asked before, but I believe I have some additional things.

 

I live in Germany and own different accounts or financial assets earning (not much, but a bit) interest. I have filed my FBARs so far and I believe I comply with everything.

However there are two big things I need help on.

 

  1. I have accounts with different banks generating little interest.  I do not receive any forms to file with the IRS, but only statements that are used in Germany. 
    As I understand, I must file these interest values in the "Interest and Dividends" section and then "Interest on 1099-INT" (Most interest income is reported on Form 1099-INTHowever, you may find interest income on a consolidated broker's or financial institution statement. You may not receive a Form 1099-INT if your interest income was less than $10.)
  2. Additionally I have little investments in some Peer to Peer lending platforms (in Germany/Europe). Now I understand this not to be considered Passive Income, but interest/portfolio income. (https://ttlc.intuit.com/community/taxes/discussion/how-do-i-enter-interest-income-from-peer-to-peer-...)
    Does this mean I also just add these under the Interest Income section as above?

Thank you all very much for your help!

1 Best answer

Accepted Solutions
SusanY1
Employee Tax Expert

Interest Income - without 1099 forms

Yes, you will enter both of these items as interest.  To do this in the program select the option I will type it in myself. Next, simply enter the name of the bank or peer to peer program in the box marked Payer name and the amount of interest in Box 1 - interest income. 

 

Additionally, in the interview section of the program be sure to answer yes to the question (or check the box, whichever is applicable) to indicate that you were an owner of a foreign bank or other financial account.  This will ensure that the correct boxes are marked on your Schedule B.

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7 Replies
SusanY1
Employee Tax Expert

Interest Income - without 1099 forms

Yes, you will enter both of these items as interest.  To do this in the program select the option I will type it in myself. Next, simply enter the name of the bank or peer to peer program in the box marked Payer name and the amount of interest in Box 1 - interest income. 

 

Additionally, in the interview section of the program be sure to answer yes to the question (or check the box, whichever is applicable) to indicate that you were an owner of a foreign bank or other financial account.  This will ensure that the correct boxes are marked on your Schedule B.

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fortbliss13
Level 2

Interest Income - without 1099 forms

Thank you so much for your answer @SusanY1 

I have a further question for the Peer to Peer lending platform.

 

I have also received certain campaign rewards/ cashbacks investing in certain things at the right time. Are these also considered as interest?

SusanY1
Employee Tax Expert

Interest Income - without 1099 forms

Bitte.  You're welcome.

 

Yes, count those rewards and cashback incentives as interest as well.   

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dzimmerl5024
New Member

Interest Income - without 1099 forms

What happened to the ability to download my brokerage form information into TURBOTAX.  I will not be entering interest by hand for all of my accounts.  would rather purchase another tax program.

VolvoGirl
Level 15

Interest Income - without 1099 forms

Does your broker have the import file ready yet?  They are not all available yet.  I think my friends Wells Fargo said Feb 22.

 

are you using online or the Desktop program?  What version?

homey07
Returning Member

Interest Income - without 1099 forms

I have a similar situation:

 

- I received interest into a foreign p2p lending account, which I intend to add into the Interest section

- I have costs with the account, but I'm not sure where to put them (deductions?).

 

If I do put them into deductions, the program asks me to reference the form/line, but I'm taking the standard deductible (instead of itemized) and Schedule A seems missing. 

DaveF1006
Employee Tax Expert

Interest Income - without 1099 forms

Yes, in order to claim investment expenses, you will need to itemize your deductions.  This means you will need other itemize expenses to offset the standard deduction amount that is already determined to be your best deduction choice.

 

The Schedule A automatically generates if you have enough expenses to itemize.

 

@homey07 

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