When attempting to insert interest income, Turbo Tax is directing me to investment section. It does not allow insertion interest income/dividend. How do I overcome this?

In order to add an item of interest income, assuming you are using TurboTax Online:

 

1. Go to Wages & Income
2. Select Investments and Savings (1099-B, 1099-INT, 1099-DIV, 1099-K, Crypto) - there will be a button at the right labeled either Start or Add/Edit
3. To add a Form 1099-INT for interest income, click Add Investments
4. To enter manually instead of importing, click "Add a different way"
5. Several types of investment income appear. Click on Interest and Continue
6. Click the button, "Type it in myself" if you wish to enter it manually.

 

 In TurboTax Desktop:

 

1. Open your return
2. Click the Federal tab
3. Click "I'll choose what I work on"
4. Scroll down to Interest and Dividends
5. Click Start or Update next to Interest on 1099-INT
6. Click Add interest income
7. Click the radio button next to I'll type it in myself
8. Click Continue
9. Follow the prompts and enter the information from your form

 

For more information on interest income, see this article.

 

 

TurboTax previously allowed entering data manually but still transferred the information from the relevant institutions. Now the only option after Update is going to the Investment section, where all previous year investments are listed as Need Review. The only option here is Review or Delete. Clicking Review goes to another page for importing. Clicking Skip Import goes to a page to choose Investment Type. Clicking on Interest leads to a page where the Payer's information is blank. 

 

Is there a way to manually enter the 1099 data where the previous year's payer information is transferred? Previous versions of TurboTax always did this. 

You were on the right path to enter your 2024 Interest Income.

 

On the page where the Payer's Info is blank, all you need to enter is the Name, FEIN, Amount from Box 1 and 3.  If you have amounts in other boxes on your 1099-INT, check the box at the bottom to add those on the next screen.  Be sure who the 1099-INT belongs to (if filing jointly). 

 

Although the Income Topics page displays 2023 amounts for you, there's not a way to Edit 2023 entries to convert to 2024 entries.  This is just a reminder for you that you had those items last year. 

 

@taxas 

Could you please clarify the instructions for manual entry of interest income in TT (deluxe) desktop 2024? Try as I might I cannot reach the "I'll enter it myself" radio button mentioned in Step 7 of the post.   Is there some other way to reach it? Or, could I, for instance, disable the "import" GUI?

 

I have my data, I am ready to type.  Thank you.

For Desktop when you get to step 7 you click on Skip Import at the the bottom.  Yes they changed the way to enter interest, dividends and investments this year.  Nobody likes it.  Now  you get 1 list of all your interest, dividends and investments together.  To add more you have to go to the bottom  and click on +Add Investments.  Then it takes you back to the beginning.   It may seem like you are starting over each time but keep going.  

 

Or you can switch to Forms Mode and enter them directly into Schedule B using the Interest Income Smart Worksheet. But then they won't show up in the Step-by-Step list.

 

In my Windows Desktop program I found…
If you transferred from last year you get to a list of all your 1099s. To enter the amount click on Review which takes you back to the beginning screen to import your tax info or go to the bottom and Skip Import. Then you get the screen with 5 boxes. Pick the kind of 1099 and Continue. Then that 1099 will show up.