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d_daro
New Member

Where do I enter bank interest income?

 
4 Replies
cameaf
Level 5

Where do I enter bank interest income?

Usually the bank will send you a Form 1099-INT that lists how much interest was earned for the tax year. Whether or not you have received the form, you can enter interest income into TurboTax online by:

  • Logging into your TurboTax online account:
  • Click Take me to my return
  • In the upper right hand corner search box, Type 1099-INT; Click the Jump to 1099-INT link that appears in your search results.
  • Click Yes when asked if you received any interest income.
  • Choose your bank or brokerage from the list to import your 1099-INT and click/tap Continue or manually enter your 1099-INT  by clicking I'll type it in myself and click Continue.
  • Follow the on screen instructions to enter your 1099-INT.

https://ttlc.intuit.com/replies/3300478

cameaf
Level 5

Where do I enter bank interest income?

Usually the bank will send you a Form 1099-INT that lists how much interest was earned for the tax year. Whether or not you have received the form, you can enter interest income into TurboTax online by:

  • Logging into your TurboTax online account:
  • Click Take me to my return
  • In the upper right hand corner search box, Type 1099-INT; Click the Jump to 1099-INT link that appears in your search results.
  • Click Yes when asked if you received any interest income.
  • Choose your bank or brokerage from the list to import your 1099-INT and click/tap Continue or manually enter your 1099-INT  by clicking I'll type it in myself and click Continue.
  • Follow the on screen instructions to enter your 1099-INT.

https://ttlc.intuit.com/replies/3300478

Madridinwinter
Level 1

Where do I enter bank interest income?

What if the interest is only .20? We wouldn’t get a form from the bank and we technically need to report it, right?

BillM223
Expert Alumni

Where do I enter bank interest income?

@Madridinwinter

 

The IRS permits tax software companies to use rounding on amounts that are entered.

 

So, in your case, TurboTax would round $0.20 down to zero, and there is no requirement to report zero interest.

 

Don't enter this amount and don't worry about it.

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