Question

Need step to step instruction to properly file 1099-INT in which box 11 amount is larger than box 1 amount.

Forum|Forum|4 years ago
March 12, 2022
1 reply
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My 1099-INT has box 11 (bond premium covered lots) amount which is larger than the box 1 (interest income) amount. TurboTax gave an error message asking me to manually change the box 11 amount to be the same as the box 1 amount, which I did. It also asked me to fill out Schedule A. However, it was not clear how I should fill out Schedule A. An old post indicated that I should put the difference (box 11 - box 1) on line 16 of schedule A. However, I was not able to manually modify line 16.

TurboTax Online

To make an entry for Schedule A you will go to Deductions & Credits

Scroll to Other Deductions and Credits
Select Other Deductible Expenses
Did you have any of these less common expenses? = Yes
Tell us about your less common expenses
Post Description & Amount.

This will be included in Schedule A. However, this is included in Itemized Deductions, and you may not qualify for them.

For single taxpayers and married individuals filing separately, the standard deduction rises to $12,550.

The standard deduction for married couples filing jointly for tax year 2021 rises to $25,100.

For heads of households, the standard deduction will be $18,800.

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