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

by Intuit•3• Updated 2 years ago

Intuit ProConnect supports most data entry from Form 1099-INT on the Interest income (1099-INT) screen under income. For more details about specific entries, select the box numbers below:

Box 1: Interest income

Go to the Input Return tab.
From the left of the screen, select Income and choose Interest Income (1099-INT, 1099-OID).
Enter the Name of Payer.
Enter 1 or 2 for taxpayer or spouse.
Enter the amount in Banks, S&L, Etc.

Box 2: Early withdrawal penalty

Go to the Input Return tab.
From the left of the screen, select Income and choose Interest Income (1099-INT, 1099-OID).
Select the Details button to expand the input screen for the name of payer.
Scroll down to the Other subsection.
Enter the amount in the field Early withdrawal penalty.

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

Go to the Input Return tab.
From the left of the screen, select Income and choose Interest Income (1099-INT, 1099-OID).
Select the Details button to expand the input screen, for the name of payer.
Scroll down the Interest Income subsection.
Enter the amount in U.S. bonds, T-bills, etc. (nontaxable to state).

Box 4: Federal income tax withheld

Go to the Input Return tab.
From the left of the screen, select Income and choose Interest Income (1099-INT, 1099-OID).
Select the Details button to expand the input screen, for the name of payer.
Scroll down to the Tax Withheld subsection.
Enter the amount in Federal income tax withheld.

Box 5: Investment expenses

Go to the Input Return tab.
From the left of the screen, select Deductions and choose Itemized Deductions (Sch A).
From the top of the screen, select Interest.
Enter the amount in the field Investment interest.

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 in ProConnect Tax

Box 8: Tax-exempt interest

Go to the Input Return tab.
From the left of the screen, select Income and choose Interest Income (1099-INT, 1099-OID).
Select the Details button to expand the input screen, for the name of payer.
Scroll down to the Tax-exempt interest subsection.
Enter the amount in the field Total municipal bonds.

Box 9: Specified private activity bond interest

Go to the Input Return tab.
From the left of the screen, select Income and choose Interest Income (1099-INT, 1099-OID).
Select the Details button to expand the input screen, for the name of payer.
Scroll down to the Tax-exempt interest subsection.
Enter the amount in the field Specified private activity bond interest included above (6251).

Box 10: Market discount

Go to the Input Return tab.
From the left of the screen, select Income and choose Interest Income (1099-INT, 1099-OID).
Select the Details button to expand the input screen, for the name of payer.
Scroll down to the Adjustments to Federal Taxable Interest subsection.
Enter the box 10 amount in Original issue discount (OID) as a negative amount.

Box 11: Bond premium

Go to the Input Return tab.
From the left of the screen, select Income and choose Interest Income (1099-INT, 1099-OID).
Select the Details button to expand the input screen, for the name of payer.
Scroll down to the Adjustments to Federal Taxable Interest subsection.
Enter the bond premium amounts in the field Amortizable bond premium.

Box 13: Bond premium on tax-exempt bond

Go to the Input Return tab.
From the left of the screen, select Income and choose Interest Income (1099-INT, 1099-OID).
Select the Details button to expand the input screen, for the name of payer.
Scroll down to the Tax-exempt interest subsection.
Enter the amount in Amortizable bond premium on tax-exempt bonds.

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