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January 31, 2021
Question

I have a checking and savings with same bank. What do I do if when I upload my 1099-INT to turbotax, only the interest income for the checking account is shown?

  • January 31, 2021
  • 1 reply
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my bank gave me a 1099-INT that has both the checking and the savings account listed. Both have their individual interest incomes, but when uploaded, only the interest income for the checking account is shown. Do I manually change the number to the total interest income or do I have to enter a different 1099-INT form for the savings account?

1 reply

February 4, 2021

You can change the total or you can manually enter another 1099INT.  IRS is concerned with the total interest amount being accurate.  Most interest income is taxable as ordinary income on your federal tax return, and is therefore subject to ordinary income tax rates. 

 

If you would like to enter the additional interest as if you have a separate Form 1099, please follow these directions.

 

How do I report interest if no 1099 is being issued?

  1. Sign in to TurboTax (if you're not already signed in)
  2. Click on the Take me to my return button.
  3. Click on Federal Taxes tab.
  4. Click on Wages and Income tab.
  5. Scroll down to Interest and Dividends (Show More)
  6. Click on the Start/Update button (next to Interest on 1099-INT) and follow the Interview questions.

Jun 3, 2019

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