Virginia Interest

[TB1656]

I received a Form (that replaces Federal Forms 1099-G and1099-INT) from Virginia Tax Dept.  Block 1 of the form shows $0.00 tax refund although I had a refund.  Block 2 shows the Interest that I received on the tax refund.  I entered the actual refund I received in a 1099-G in my 2023 turbotax.  The amount was larger than calculated in 2022 turbotax due to the interest.  There is no place to report the interest on the 1099-G.  Do I report in on a 1099-INT as being reported to me on a 1099-INT in Block 1 since Block 2 on the 1099-INT is for early withdrawal penalty? 

[DoninGA]

Which tax year is being reported on the Virginia Form 1099-G/1099-INT?

Go to this Virginia website for the form - https://www.tax.virginia.gov/news/1099-g1099-ints-now-available

And this website for Q&A's concerning the form - https://www.tax.virginia.gov/form-1099g1099int

 

[TB1656]

The refund is from 2022.  I am reporting for 2023.  I have the forms.  I need to know how to report the interest because the blocks on the form from Virginia dose not correspond to blocks in the 1099-G and 1099-INT.

[DoninGA]

On the Virginia Form 1099-G/1099-INT box 2 would be entered on IRS Form 1099-INT in box 1

[TB1656]

Thanks for the reply.  That's what I did before asking the question because I couldn't post the interest elsewhere.  I hope it is acceptable to the IRS. 

[MarilynG1]

Yes, the IRS wants you to report all interest income, whether it is reported to you on a Form 1099-INT or not.

As long as you enter the Payor and Amount of the interest you received in you tax return, this is acceptable to the IRS.

Here's more about Interest Income.

@TB1656 

[TB1656]

Thanks.  I wanted to report the interest.  I was concerned because the data Turbotax requested for specific blocks of the 1099-INT was different than data in corresponding blocks of the Form provided by Virginia Dept. of taxation.  Turbotax asked for the interest reported on Block 1 of the Form I received reporting the interest.  The interest was on Block 2 of the Form provided by Virginia.  As mentioned, I reported the interest in block 1 of the 1099-INT.  I appreciate your confirmation.