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is a 1099 INT from the same as the 1099 Composite from

 
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2 Replies
TomK2023
Employee Tax Expert

is a 1099 INT from the same as the 1099 Composite from

No, a 1099-INT and a 1099 Composite form (also called a Consolidated 1099) are not the same thing, but the latter may contain some of the same information as the former.

 

A 1099-INT reports interest income.

 

A 1099-Composite is a "bundle" of forms from your brokerage firm that contains several different 1099 forms all in one document (so you don't receive multiple envelopes in the mail).  Your Composite statement will have separate sections for: 1099-INT, 1099-DIV (for dividends and distributions), 1099-B (proceeds from selling stocks or bonds), etc.

 

Enter Info from your Financial Institute:

  1. Open or continue your return.
  2. Search for your financial institution (e.g., "Fidelity") in the program.
  3. Import your Composite document.  The software will automatically "unbundle" the composite form and put the interest, dividends, and stock sales into their correct categories for you.

or;...

 

You can enter each section separately yourself by manually typing your information into the program.  For example, you'll go to the 1099-INT section and enter the interest info, then go to the 1099-DIV section for dividends, etc.

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is a 1099 INT from the same as the 1099 Composite from

The Consolidated 1099 will have sections for 1099-Int and 1099-Div and 1099B and maybe some other 1099s.  You need to enter each section in the right place.  So read it carefully and look for headings.... 1099-INT for interest or 1099-DIV for Dividends or 1099B for sales.  I highlight each heading with a yellow highlighter to find them.

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