Yes. This is interest the IRS paid you on the refund that was paid to you late. Include this with other interest income on your tax return under Form 1099-INT.Select Federal in the black navigation panel on the leftIn the search box type 1099int > jump to 1099intContinue to enter your interest income even if you don't have the actual Form 1099-INT.

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Can you help me? I received a letter from the IRS stating "total interest paid or credited" do I need to file this? And if so, how? Thank you!

Forum|Forum|7 years ago
June 3, 2019
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TurboTax Deluxe Online

Best answer by DianeW777

Yes. This is interest the IRS paid you on the refund that was paid to you late. Include this with other interest income on your tax return under Form 1099-INT.

Select Federal in the black navigation panel on the left
In the search box type 1099int > jump to 1099int
Continue to enter your interest income even if you don't have the actual Form 1099-INT.

D

DianeW777Answer

Yes. This is interest the IRS paid you on the refund that was paid to you late. Include this with other interest income on your tax return under Form 1099-INT.

Select Federal in the black navigation panel on the left
In the search box type 1099int > jump to 1099int
Continue to enter your interest income even if you don't have the actual Form 1099-INT.

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S

slking1983Author

DianeW, Thank you so very much!

M

Medardo320

What would I put for Payer’s name??

K

KarenJ2

Yes, this is income to you and you would enter it in TurboTax same as any other 1099-INT would be entered.

The Payer would be the "IRS"

In the search box in TurboTax enter 1099int and then "Jump to" 1099int to enter the information.

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M

mendozaalicia6

What dose it mean when you get a letter saying total interest paid or credited this is not a bill. 1099-INT? What if I already filled?

E

EbonyA

@mendozaalicia6 the link below provides detailed information surrounding form 1099-INT; if you already filed and subsequently need to report interest paid, you may need to amend your tax return.

Filing Tax Form 1099-INT

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R

raghavbatra10

Hi - I had the same problem. There doesn't seem to be an entry for "IRS" when I search in the 1099-INT box.
What should I do now?

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Jokerzz74

What do I do if I received the letter from the IRS saying they paid me taxable interest after I already e filed my return

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ThomasM125

@Jokerzz74 Interest income is taxable, even if it is from the IRS. You should amend your tax return to add the interest income. You will see an option to amend your tax return when you log into your program, on your Tax Home page, under Your tax returns and documents. The option to amend is not yet available in TurboTax, but should be soon.

Also, if you don't amend your return, the IRS may simply send you an invoice for the additional taxes due if and when they discover the missing income.

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J

Jokerzz74

Thank you for your answer ThomasM125. When you say turbotax should have the ability to amend soon; do you have an approximation of when

J

Jxa

@Jokerzz74 I contacted irs today and she said I should wait for it to process before sending an amendment or call them on 3/1 and they can add it. Sending in an amendment now can cause delay in refund.