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Level 2

Solved

Interest Income

Forum|Forum|4 years ago
March 7, 2022
2 replies
0 views

I filed a final tax return for my mother (who passed away in 2020) w/the IRS in 2021 to get her final refund. The refund included $13.51 in interest added to the refund because of the delay. As both the executor and sole beneficiary of her estate would I need to report this interest amount on my 2021 tax return when I file? This was the only income the estate earned in 2021 so there's no 1041 filing requirement.

Not A Product Question

Best answer by ThomasM125

Since you received the income, it is taxable to you, although the tax will be minimal since the amount is so small.

You should report it as interest income in the Interest and Dividends section of TurboTax (in the Income and Expenses area on your federal return) and then Interest on 1099-INT. You don't need a form 1099-INT reporting the interest income, as you will just be asked for the name of the entity it came from and the amount.

Level 15

Yes, you can report the amount on your tax return since you were the beneficiary. You must report any interest income earned even if you don't receive a form.

Sorry for your loss.

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liandri17Author

Level 2

OK, TY for your kind words. How would this income be entered on TTax? As 'Miscellaneous' interest income?

ThomasM125Answer

Level 15

Since you received the income, it is taxable to you, although the tax will be minimal since the amount is so small.

You should report it as interest income in the Interest and Dividends section of TurboTax (in the Income and Expenses area on your federal return) and then Interest on 1099-INT. You don't need a form 1099-INT reporting the interest income, as you will just be asked for the name of the entity it came from and the amount.

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Level 2

No. It would go on the estate return if the total income for the estate is $600 or more.

Because the income is under that amount then it isn't taxable to anyone.