, Answering FAQ'sTurboTax Employee
What is Form 1099-INT?
Form 1099-INT is used to report your interest income to you (and to the IRS). A payer is required to send you this information by February 1 of the current year.
In some cases a payer will send you some sort of substitute statement that provides you with the same information as a 1099-INT. You just enter that information into TurboTax as though it came on an official 1099-INT.
Important. Payers are only required to report interest payments of $10 or more to the IRS on Form 1099-INT, but you are always required to report any earnings on your tax return, even if less than $10.
Entering Form 1099-INT into TurboTax
When you use TurboTax to file your return, we will walk you step-by-step through entering any interest income you have. We then will enter it in the correct form and perform all the calculations for you.
If you've already gone through the step-by-step interview and want to jump directly to the entry screen for the Form 1099-INT, follow these directions.
- Select Federal Taxes(Personal tab in the Home & Business edition).
In Online TurboTax, click the bars at the upper left corner to show Federal Taxes on the selection list; enlarge the screen if needed to show the left side selection list.
- Select Wages & Income, and in the new screen, click Explore on Your Own.
- Scroll down the Your Income summary screen until you see the Interest and Dividends group.
- Click on the Start/Update button to the right of the Interest on 1099-INT category.
- Follow the prompts.
Why is the tax exempt interest amount in Box 8 increasing my total income?
In general, any interest amounts in Box 8 are tax exempt, however, you may have other sources of income that use this amount to determine how much of your income is taxable.
For example, if you receive Social Security benefits, the amount in Box 8 is included in calculating how much of your Social Security income is taxable. This amount is added to the amount of your taxable Social Security income, which will increase your total income.
What if I received a 1099-INT from two or more financial institutions
After you have entered in your first 1099-INT, you will have the option to enter additional 1099-INTs. Simply click on the Add Interest Income button, and we'll walk you through step-by-step adding your additional forms.
If you have yet to receive your 1099-INT, click on I haven't receive a form I need to file to explore your options.
What if my child receives a Form 1099-INT with a small amount of interest income?
Assuming the child's only 2013 income was from the 1099-INT, and the amount of that income is less than $950, then the child is not required to file a return to report the income.
If you need to correct or change any information you have entered from your 1099-INT, the steps you take depends on if you have already filed your tax return.
- If you have yet to file your return, simply follow the navigation instructions above, and correct or change your information.
- If you have already filed your return and it was accepted by the IRS, you will need to amend your return. refer to How to Amend a Tax Return I Already Filed.
If you have questions about:
- Where to enter data from Forms 1098 and 1099
- Importing your W-2, 1099, and 1098 Forms.
- Printing, see print a copy of my tax return
- Availability of form 1099-INT, please click Federal tax form availability
When you still have questions or want confirmation, see your options at Have a Specific Tax Law Question?