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What form do I use for dividends from my banking institution?

I have received "dividends" (more like interest) from my banking institution (checking and savings) under $10. Do I report this using a 1099-INT or a 1099-DIV. What is the difference?

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1 Best answer

Accepted Solutions
JohnB5677
Employee Tax Expert

What form do I use for dividends from my banking institution?

This would be reported as Interest income on Form 1099-INT

 

To post this in TurboTax 

 

If this is the first time entering investments

 

  1. Select Wages & Income
  2. Scroll to Investments and Savings1099-B, 1099-INT, 1099-DIV, Crypto Gain/Loss Report
  3. Did you have investment income in 2024? Yes
  4. A list of Financial Institutions will come up
  5. Five boxes will come up
  6. Select the 1099 you have - Continue
  7. How would you like to upload your 1099-INT?
  8. Scroll down. Select [Type it myself]
  9. post your 1099-INT

If you entered a 1099-INT previously

  1. Select Wages & Income
  2. Scroll to Investments and Savings1099-B, 1099-INT, 1099-DIV, Crypto Gain/Loss Report
  3. [Add/Edit]
  4. The screen will show previous entries
  5. Select a previously entered record or
  6. [+ Add investment]
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

1 Reply
JohnB5677
Employee Tax Expert

What form do I use for dividends from my banking institution?

This would be reported as Interest income on Form 1099-INT

 

To post this in TurboTax 

 

If this is the first time entering investments

 

  1. Select Wages & Income
  2. Scroll to Investments and Savings1099-B, 1099-INT, 1099-DIV, Crypto Gain/Loss Report
  3. Did you have investment income in 2024? Yes
  4. A list of Financial Institutions will come up
  5. Five boxes will come up
  6. Select the 1099 you have - Continue
  7. How would you like to upload your 1099-INT?
  8. Scroll down. Select [Type it myself]
  9. post your 1099-INT

If you entered a 1099-INT previously

  1. Select Wages & Income
  2. Scroll to Investments and Savings1099-B, 1099-INT, 1099-DIV, Crypto Gain/Loss Report
  3. [Add/Edit]
  4. The screen will show previous entries
  5. Select a previously entered record or
  6. [+ Add investment]
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
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