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March 14, 2020
Question

Can my car payment yearly interest and my savings bank accounts can be reported on form 1099-INT ?

  • March 14, 2020
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March 14, 2020

Your savings bank account interest would be reported on Form 1099-INT and included in your return as income.  You may not have earned enough interest to actually receive a Form 1099-INT from the bank, but it still should be entered as income.

 

Car payment interest for a personal vehicle is not included as income or as a deduction on your tax return.  

 

To go to the section of the tax return to enter your savings account interest, use these steps:

  • On the top row of the TurboTax online screen, click on Search (or for CD/downloaded TurboTax locate the search box in the upper right corner)
  • This opens a box where you can type in “interest income” (be sure to enter exactly as shown here) and click the magnifying glass (or for CD/downloaded TurboTax, click Find)
  • The search results will give you an option to “Jump to interest income
  • Click on the blue “Jump to interest income” link and enter your information
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