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July 15, 2020
Question

I had no interest income for 2019 because it was less than $10. My bank did not send me a form. But TurboTax keeps telling me I need to review this info.

  • July 15, 2020
  • 1 reply
  • 0 views
I'm wondering why I keep going in circles on this.

1 reply

SteamTrain
Employee
August 2, 2020

You may have an empty form for a 1099-INT from that bank back on the Wage&Income page.

 

BUT....even if the bank did not send you a 1099-INT, you must enter the interest earned during the year if the interest credited to you was 50 cents or more.  You can normally get that exact total interest amount form the year-end bank statement they have in your account.  (My bank lists the prior year total interest on their mid-January statement, but yours may be on an end-of Dec statement).

 

IF you earned less than 50 cents of interest at that bank, you need to navigate back to 1099-INT entry area and delete that bank's 1099-INT from the 1099-INT table that should be there.

 

 

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*