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Entering Form 1099-INT interest income in the Individual module in ProConnect
by Intuit• 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:
- 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.
- 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.
- 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).
- 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.
- 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.
Refer to this article for instructions:
- 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.
- 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).
- 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.
- 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.
- 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.