Question

1099- Int - Escrow Account

Forum|Forum|6 years ago
February 2, 2020
1 reply
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I rec'd a 1099-INT for the interest earned on my mortgage escrow account --shows interest income of $65.72 (box 1) and Federal Income tax withheld of $15.78 (box 4). I understand that I need to report the interest income as 1099 interest earned, but where do I report the taxes withheld? or do I reduce the interest earned by the amount of the taxes withheld and report the balance of $49.98 on the 1099 Interest earned ?

thanks

D

DavidD66

You do not net the interest and tax paid and reduce the amount of interest income reported. You will enter the Form 1099-INT and enter the interest earned in Box 1 and the tax withheld in Box 4. There are boxes to enter for both of these on the entry screen for 1099-INTs in TurboTax.

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