What if I didn't get a 1099 int from my bank?

Forum|Forum|6 years ago
June 7, 2019
3 replies
0 views

Is there a limit on interest earned that has to be claimed?

TurboTax Deluxe Online

Best answer by Celery63

Any amount of income that is more than 49 cents is reportable and taxable.

If the amount is less than $10, the bank does not have to send you a 1099-INT, but you are required to report the income. You report it as if the bank had sent you a 1099-INT. Just put the bank name as the payer and put the interest in Box 1.

Celery63Answer

Any amount of income that is more than 49 cents is reportable and taxable.

thompsondc

Most banks will generate a 1099-INT for you, if you explicitly ask them. Because they aren't required to (for amounts under $10), they don't do it automatically.

briellepope

I was able to view my 1099-INT online on my banks website. If you do online banking, you may be able to do the same, or go into a branch to request one.

Msblue05

What do I put in because it's asking for the bank federal id#

ToddL99

If you did not receive a 1099-INT (or the Payer's EIN wasn't listed), you can report the interest income as "Other Reportable Income".

The tax calculation will be the same, you will be able to e-file and it won't create an error with the IRS.

You can make entries on Line 8, using the Other Reportable Income interview.

Type "other reportable income" in the search window (or in the Search Topic window for desktop versions)

Click on "jump to other reportable income (or "other reportable income" in the Search Topic results)

Answer "No" to "Did you receive any other wages?"
Select "Other reportable income" from the Miscellaneous income list
Select Add another Income item on the Other Miscellaneous Income Summary screen
Enter a Description (Interest Income) and amount, then click on Continue

A corresponding amount will be entered on line 8 of Schedule 1 and Form 1040, along with the description of "Interest Income"

RC2005

I had the same issue where Turbotax was indicating that a FEIN was missing for the 1099-INT because I did not receive a 1099-INT since the interest income was under $10.

I reported the interest income using a 1099-MISC which only requires the payers name and the amount.