Entering Form 1099-INT interest income in the Individual module of Lacerte

This article will help you input 1099-INT amounts into Lacerte.

Table of contents:

Where do I enter amounts from 1099-INT box 1?

1. Go to Screen 11, Interest Income.
2. Enter the Name of Payer. 
3. From the left Sections, choose Form 1099-INT.
4. Scroll down to Interest Income. 
5. Enter the amount in Banks, savings & loans, credit unions, etc (code 2).
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Where do I enter amounts from 1099-INT box 2?

1. Go to Screen 11, Interest Income.
2. Enter the Name of Payer.
3. From the left Sections, choose Form 1099-INT.
4. Scroll down to Other.
5. Enter the amount in Early withdrawal penalty (code 18).

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Where do I enter amounts from 1099-INT box 3?

1. Go to Screen 11, Interest Income.
2. Enter the Name of Payer.
3. From the left Sections, choose Form 1099-INT.
4. Scroll down to Interest Income.
5. Enter the amount in U.S. bonds, T-bills, etc. (nontaxable to state) (code 4)

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Where do I enter amounts from 1099-INT box 4?

1. Go to Screen 11, Interest Income.
2. Enter the Name of Payer.
3. From the left Sections, choose Form 1099-INT.
4. Scroll down to Tax Withheld. 
5. Enter the amount in Federal income tax withheld (code 14).

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Where do I enter amounts from 1099-INT box 5?

1. Go to Screen 25, Itemized Deductions.
2. From the left Sections, choose Interest.
3. Enter the amount in Investment interest (Ctrl+E) (code 24)

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Where do I enter amounts from 1099-INT boxs 6 and 7?

The amounts from box 6 and 7 are used to generate a Foreign Tax Credit. If your client needs to file Form 1116 see the following article:

• Generating Form 1116 Foreign Tax Credit for an individual return in Lacerte

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Where do I enter amounts from 1099-INT box 8?

1. Go to Screen 11, Interest Income.
2. Enter the Name of Payer.
3. From the left Sections, choose Form 1099-INT.
4. Scroll down to Tax-Exempt Interest. 
5. Enter the amount in Total municipal bonds (code 19).

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Where do I enter amounts from 1099-INT box 9?

1. Go to Screen 11, Interest Income.
2. Enter the Name of Payer.
3. From the left Sections, choose Form 1099-INT.
4. Scroll down to Tax-Exempt Interest. 
5. Enter the amount in Specified private activity bonds included above (6251) (code 7).

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Where do I enter amounts from 1099-INT box 10?

1. Go to Screen 11, Interest Income.
2. Enter the Name of Payer.
3. From the left Sections, choose Form 1099-INT.
4. Scroll down to Adjustments to Federal Taxable Interest.
5. Enter the amount in Original issue discount (OID) (code 11) as a negative number.
   • Market discount on a tax-exempt security is categorized as interest income, so entry as a negative amount will increase the total interest income on Schedule B and Form 1040.

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Where do I enter amounts from 1099-INT box 11?

1. Go to Screen 11, Interest Income.
2. Enter the Name of Payer.
3. From the left Sections, choose Form 1099-INT.
4. Scroll down to Adjustments to Federal Taxable Interest. 
5. Enter amounts in Amortizable bond premium (code 12).

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Where do I enter amounts from 1099-INT box 12?

1. Go to Screen 11, Interest Income.
2. Enter the Name of Payer.
3. From the left Sections, choose Form 1099-INT.
4. Scroll down to Tax-Exempt Interest.
5. Enter the amounts in Amortizable bond premium on Treasury obligations (code 36).

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Where do I enter amounts from 1099-INT box 13?

1. Go to Screen 11, Interest Income.
2. Enter the Name of Payer.
3. From the left Sections, choose Form 1099-INT.
4. Scroll down to Tax-Exempt Interest.
5. Enter the amounts in Amortizable bond premium on tax-exempt bonds (code 37).

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Related Topics:

• Importing financial institution data into Lacerte with Tax Import
• Where do I enter amounts from Form 1098 and 1099 in Lacerte?