Life Insurance 1099 int

[Elizabethanna2730]

I have life insurance and received a 1099 INT. Where do I input the information? 1099 INT is for banks only.

[TaxHandy]

All 1099-INTs should be entered as Wages/Income in the same place in Turbo Tax.  There is no special way to enter Life Insurance interest paid by your life insurance company - and it should be taxable.

[Elizabethanna2730]

So input it in the w-2  boxes?

[TaxHandy]

No.  Assuming that you are in the default TurboTax Step-by-Step mode, go to the "Wages & Income" Menu for your Federal Taxes and click on the "Update" button on the far right of the "Interest on 1099-INT" line under the "Interest and Dividends" section.  Fill in the data from the Insurance company's 1099-INT just as you did for the ones from any banks that sent you one.  TurboTax will do the rest.

[NCperson]

it is lot true that a 1099-int is for 'banks only'; it is for interest reported from ANY source.  

it is typically banks, but not exclusively banks, 

[MayaD]

No, interest received should be reported in the interest and Dividends section.

• Login to your account.
• Select Federal from the left menu
• Go to Wages and Income then Income and Expenses.
• Scroll down to Interest and Dividends 
• Select Start next to Interest on 1099-INT

[Elizabethanna2730]

I did and it's only referring to banks. 

When I go to type it in myself it asks for federal identification which I dont have. My form only gives me state identification. 

It asks for box 1: interest income 

Box 3: interest on US saving bonds and treas. Obligations 

My form has box 1 interest income

Box 4 federal income tax withheld and box 17 state tax withheld

[VolvoGirl]

Just enter the name like MetLife.  You don't have to enter the federal EIN although it should be somewhere on your form.  There is probably a little box to check that says My form has more boxes.  Check that and the other boxes will open up.

[Elizabethanna2730]

Thanks. I found it. My form used a different term for federal id.

[VolvoGirl]

I don't see a spot to enter the Federal ID or EIN on this screen.  I made you a screen shot.