Question

Stock market 1099-INT

Forum|Forum|4 years ago
February 19, 2022
1 reply
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I have a 1099-INT and it has a section that is titled reconciliations, fees, expenses, and expenditures.

Underneath that title, it says, "The amounts in this section are not reported to the IRS. They are presented here for your reference when preparing your income tax return(s)."

In this section, it shows a miscellaneous fee amount of 672.95.

Do I need to report this on a 1099-INT or do I need to put this anywhere else on my tax return? Or is this for my reference only?

M

Mike9241

we don't know what the misc fee refers to. on a 1099-INT the expense would normally be reported in box/line 5 or 10-13. if there are no line/box numbers you're not seeing the actual 1099-INT

box/line 5 would be investment expense not deductible for federal purposes but lines/boxes 10-13 would affect the amount of interest taxable.

contact the broker if you need clarification.