What category do I claim $501.70 earned from a 15-month CD? I know it's a 1099 INT. Also have $10.35 interest paid or credit (doesn't specify) from IRS

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Expert Alumni

Jul 14, 2020 7:57:49 AM

You only enter interest that is reported to you on a 1099INT. You won't pay tax on interest until the CD is cashed in.