Interest Income (Form 1099-INT)
Menu Path: Income > Common Income > Investments and Savings (1099-INT/DIV/B/DA)
Enter on the Interest Income (Form 1099-INT) screen.
Enter any interest income you received from banks or from investments. Usually, your interest income is reported on Form 1099-INT, but you don't need a Form 1099-INT. If you know the amount of interest income, just enter the amount of interest income and the name of the payer. Many times, year-end statements or other documents besides the 1099-INT will show the amount of interest income you earned during the year. You can also call your bank or visit your bank's website to find out the taxable amount of interest income you had for the year.
Do NOT report interest income from an IRA, 401(k), 403(b), or other type of retirement plan. Investment income, including interest income from a retirement plan, is tax-deferred and not reportable on your tax return.
If you have a 1099-INT for your child, do NOT report your child's income on your tax return. If your child has enough income to need to file a tax return, a separate return will need to be filed for your child. If your child's income is low enough, you do not need to file a tax return for your child. Very few children have enough income to need to file a tax return. See exceptions
Enter on the Interest Income (Form 1099-INT) screen.
Enter any interest income you received from banks or from investments. Usually, your interest income is reported on Form 1099-INT, but you don't need a Form 1099-INT. If you know the amount of interest income, just enter the amount of interest income and the name of the payer. Many times, year-end statements or other documents besides the 1099-INT will show the amount of interest income you earned during the year. You can also call your bank or visit your bank's website to find out the taxable amount of interest income you had for the year.
Do NOT report interest income from an IRA, 401(k), 403(b), or other type of retirement plan. Investment income, including interest income from a retirement plan, is tax-deferred and not reportable on your tax return.
If you have a 1099-INT for your child, do NOT report your child's income on your tax return. If your child has enough income to need to file a tax return, a separate return will need to be filed for your child. If your child's income is low enough, you do not need to file a tax return for your child. Very few children have enough income to need to file a tax return. See exceptions
