Received 1099 misc from banks that reports interest income. What should I do

Forum|Forum|3 years ago
February 2, 2023
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Hi, I received multiple 1099MSIC from banks regarding the interest income. How should I report them in this case in turbo tax desktop version?

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Best answer by AliciaP1

It will not cause any issues if the monies paid to you were in fact interest. You can also request the payers (the different banks) to issue the correct forms to you. If this is interest income from investments though, the top of the form may say 1099-MISC but there may be additional 1099- forms - such as 1099-INT, 1099-DIV, and 1099-B. If this is the case, you will enter each separate 1099 as its -XXX identifier in TurboTax and can use the magnifying glass to search for each different type to enter.

@1071385

AliciaP1

Actually, interest income is reported on a 1099-INT and you can use this form name to search in TurboTax for the area to enter these forms.

To do this in TurboTax Desktop you can follow these steps:

Open or continue your return
Select Federal Taxes, then Wages & Income
Select I'll choose what I work on
Next to Interest on 1099-INT, select Start
Answer Yes to Did you receive any interest income?
- If you see Here's the interest we have so far, select Add interest income or select Edit next to the correct 1099-INT
Select I'll type it in myself and Continue
On the next screen, input the required information and select Continue
At Tell us if any of these uncommon situations apply, select the appropriate answer and Continue

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A

Anonymous

Will this cause any issues though? The form is 1099MISC yet I am reporting it as if it was 1099INT.

AliciaP1Answer

It will not cause any issues if the monies paid to you were in fact interest. You can also request the payers (the different banks) to issue the correct forms to you. If this is interest income from investments though, the top of the form may say 1099-MISC but there may be additional 1099- forms - such as 1099-INT, 1099-DIV, and 1099-B. If this is the case, you will enter each separate 1099 as its -XXX identifier in TurboTax and can use the magnifying glass to search for each different type to enter.

@1071385

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