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tinaarmstrong
New Member

Where do I report interest income under $10 with no 1099?

I did not receive a 1099 because interest was under $10. I do not know where to report that

11 Replies
SherekaB
New Member

Where do I report interest income under $10 with no 1099?

You enter it as if you had received a 1099-INT.

  • Click the Federal Taxes tab. ( Select the Personal Tab and Personal Income when using self employed Home and Business)
  • Click Wages & Income.
  • Click "I'll choose what I work on."
  • Scroll down to the "Interest and Dividends" section.
  • Click the Start or Update button for "Interest on 1099-INT."
Or use our jump feature:
https://ttlc.intuit.com/replies/3300478


t2smith10
Level 1

Where do I report interest income under $10 with no 1099?

Wrong answer.  Software finds errors if you don't enter Federal Identification Number (FEIN) which you don't have if you didn't receive a 1099-INT.  Why can't this simple thing be built into the software?

JotikaT2
Expert Alumni

Where do I report interest income under $10 with no 1099?

You do need to report your Interest Income.

 

If you did not receive a 1099-INT for Interest income, it is because the amount reportable was under $10 and the institution was not required to issue a 1099-INT Form. 

 

You will enter your Interest income (which you should be able to find on your last statement of the year from your institution) as follows:

  1. Select "Wages & Income" under the Federal Tab
  2. Select "Interest on 1099-INT"
  3. Select "Add another 1099-INT"
  4. Proceed to enter in the applicable information.

 

 You do not have to have a Federal Identification Number (FEIN) to report your interest income.

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altax
New Member

Where do I report interest income under $10 with no 1099?

having same problem did you find a answer ????

t2smith10
Level 1

Where do I report interest income under $10 with no 1099?

I searched for my bank's FEIN and used that.  I don't know what I did wrong because it wouldn't let mine go through without the FEIN. It kept flagging it as an error.

JamesG1
Expert Alumni

Where do I report interest income under $10 with no 1099?

See this help and this help.  To enter interest income, do the following:

 

Click on Federal.

Click on Wages & Income.

Under Your Income, choose Interest and Dividends.

Choose Interest on 1099-INT.

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honestmc
New Member

Where do I report interest income under $10 with no 1099?

None of the answers on TurboTax address the issue that TT wants information from a 1099-int to complete the process. Asking "enter the amount from box 1" when we don't have a 1099 in the first place isn't helpful. How do we enter interest income that doesn't have a 1099 or EIN???

KrisD15
Expert Alumni

Where do I report interest income under $10 with no 1099?

You can enter it as other income. 

Click Federal

Click Wages and Income

Scroll to the bottom and click Show more under “Less Common Income”

(you may need to answer Yes/No questions and/or click “All income” first)

Scroll to the bottom “Miscellaneous Income, 1099-A, 1099-C" and click Start

Scroll to the last choice “Other reportable income” and click Start

Enter    “Earned Income"   as the description and the amount and Continue

Click Done on the next page

This puts the income on Schedule 1 line 8 and flows to your 1040 line 7a

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ThatVoidGuy
New Member

Where do I report interest income under $10 with no 1099?

So for example, Robinhood sent me my 1099 but the amount I reported on is 9.64. I shouldn't have to disclose that form then. Sounds to me this just a way of getting people to pay 80 dollars for Premier when you could potentially file for free...

KrisD15
Expert Alumni

Where do I report interest income under $10 with no 1099?

Trading through Robinhood is Capital Gains (or loss) not interest. 

 

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roadrunner_7
New Member

Where do I report interest income under $10 with no 1099?

Thank you so much I appreciate this. It helped me so much I used this information to file my taxes.  

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