, 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.
If you've gone through the interviews and want to jump to the entry screen for the Form 1099-INT, follow these steps.
- In the TurboTax search box enter 1099-int and press Enter,
Then click the Jump to 1099-int link.
- Answer Yes on the Did You Receive Any Interest Income? screen.
- Choose how to enter your form and click Continue.
- Enter your information on the Enter Your Interest Income screen.
After entering your first 1099-INT, click the Add Interest Income button to enter additional forms from other banks or institutions.
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.
Assuming the child's only 2014 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.