Entering Form 1099-INT interest income in the Individual module in ProConnect Tax

Intuit ProConnect supports most data entry from Form 1099-INT on the Interest income (1099-INT) screen under income.

Table of contents:

Box 1: Interest income

1. Go to Input Return ⮕ Income ⮕ Interest Income (1099-INT, 1099-OID).
2. Enter the Name of Payer.
3. Enter 1 or 2 for taxpayer or spouse.
4. Enter the amount in Banks, S&L, Etc.

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Box 2: Early withdrawal penalty

1. Go to Input Return ⮕ Income ⮕ Interest Income (1099-INT, 1099-OID).
2. Select the Details button to expand the input screen for the name of payer.
3. Scroll down to the Other subsection.
4. Enter the amount in the field Early withdrawal penalty.

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Box 3: Interest on U.S. Savings Bonds and Treas. obligations

1. Go to Input Return ⮕ Income ⮕ Interest Income (1099-INT, 1099-OID).
2. Select the Details button to expand the input screen, for the name of payer.
3. Scroll down the Interest Income subsection.
4. Enter the amount in U.S. bonds, T-bills, etc. (nontaxable to state).

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Box 4: Federal income tax withheld

1. Go to Input Return ⮕ Income ⮕ Interest Income (1099-INT, 1099-OID).
2. Select the Details button to expand the input screen, for the name of payer.
3. Scroll down to the Tax Withheld subsection.
4. Enter the amount in Federal income tax withheld.

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Box 5: Investment expenses

1. Go to Input Return ⮕ Deductions ⮕ Itemized Deductions
2. Select the Interest tab.
3. Enter the amount in the field Investment interest.

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Box 6 and 7: Foreign tax paid and foreign country or U.S. possession

Refer to this article for instructions:

• Generating Form 1116 Foreign Tax Credit for an individual return

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Box 8: Tax-exempt interest

1. Go to Input Return ⮕ Income ⮕ Interest Income (1099-INT, 1099-OID).
2. Select the Details button to expand the input screen, for the name of payer.
3. Scroll down to the Tax-exempt interest subsection.
4. Enter the amount in the field Total municipal bonds. 

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Box 9: Specified private activity bond interest

1. Go to Input Return ⮕ Income ⮕ Interest Income (1099-INT, 1099-OID).
2. Select the Details button to expand the input screen, for the name of payer.
3. Scroll down to the Tax-exempt interest subsection.
4. Enter the amount in the field Specified private activity bond interest included above (6251).

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Box 10: Market discount

1. Go to Input Return ⮕ Income ⮕ Interest Income (1099-INT, 1099-OID).
2. Select the Details button to expand the input screen, for the name of payer.
3. Scroll down to the Adjustments to Federal Taxable Interest subsection.
4. Enter the box 10 amount in Original issue discount (OID) as a negative amount.

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Box 11: Bond premium

1. Go to Input Return ⮕ Income ⮕ Interest Income (1099-INT, 1099-OID).
2. Select the Details button to expand the input screen, for the name of payer.
3. Scroll down to the Adjustments to Federal Taxable Interest subsection.
4. Enter the bond premium amounts in the field Amortizable bond premium​.

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Box 13: Bond premium on tax-exempt bond

1. Go to Input Return ⮕ Income ⮕ Interest Income (1099-INT, 1099-OID).
2. Select the Details button to expand the input screen, for the name of payer.
3. Scroll down to the Tax-exempt interest subsection.
4. Enter the amount in Amortizable bond premium on tax-exempt bonds.

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