When attempting to insert interest income, Turbo Tax is directing me to investment section. It does not allow insertion interest income/dividend. How do I overcome this?

Forum|Forum|1 year ago
February 3, 2025
1 reply
0 views

I have tried the "lead me through" or "do myself" both options bypass the interest income section.

MonikaK1

In order to add an item of interest income, assuming you are using TurboTax Online:

Go to Wages & Income
Select Investments and Savings (1099-B, 1099-INT, 1099-DIV, 1099-K, Crypto) - there will be a button at the right labeled either Start or Add/Edit
To add a Form 1099-INT for interest income, click Add Investments
To enter manually instead of importing, click "Add a different way"
Several types of investment income appear. Click on Interest and Continue
Click the button, "Type it in myself" if you wish to enter it manually.

In TurboTax Desktop:

Open your return
Click the Federal tab
Click "I'll choose what I work on"
Scroll down to Interest and Dividends
Click Start or Update next to Interest on 1099-INT
Click Add interest income
Click the radio button next to I'll type it in myself
Click Continue
Follow the prompts and enter the information from your form

For more information on interest income, see this article.

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"

taxas

TurboTax previously allowed entering data manually but still transferred the information from the relevant institutions. Now the only option after Update is going to the Investment section, where all previous year investments are listed as Need Review. The only option here is Review or Delete. Clicking Review goes to another page for importing. Clicking Skip Import goes to a page to choose Investment Type. Clicking on Interest leads to a page where the Payer's information is blank.

Is there a way to manually enter the 1099 data where the previous year's payer information is transferred? Previous versions of TurboTax always did this.

mglauner

You were on the right path to enter your 2024 Interest Income.

On the page where the Payer's Info is blank, all you need to enter is the Name, FEIN, Amount from Box 1 and 3. If you have amounts in other boxes on your 1099-INT, check the box at the bottom to add those on the next screen. Be sure who the 1099-INT belongs to (if filing jointly).

Although the Income Topics page displays 2023 amounts for you, there's not a way to Edit 2023 entries to convert to 2024 entries. This is just a reminder for you that you had those items last year.

@taxas