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Entering Form 1099-INT in ProSeries
by Intuit•7• Updated 4 weeks ago
This article will help you enter form 1099-INT in Intuit ProSeries Basic and Intuit ProSeries Professional.
Follow these steps to enter the 1099-INT on the Schedule B:
- Open the tax return.
- Press F6 to open the Open Forms window.
- Type B and select OK to open the Schedule B.
- Scroll to the Interest Income Smart Worksheet.
- Enter the Payer's Name.
- Enter any amounts from box 1, box 2, box 3, box 8 and box 9 directly on the Interest Income Smart Worksheet.
- If the 1099-INT contains other information such as foreign transactions or federal tax withheld, double-click on the payers name to access the Interest Income Worksheet.
Follow these steps to enter state tax-exempt interest in ProSeries 2010 and newer:
- Open the tax return.
- Press F6 to open the Open Forms window.
- Type B and select OK to open the Schedule B.
- Scroll to the Interest Income Smart Worksheet.
- Enter the Payer's Name.
- Enter any amounts from box 1, box 2, box 3, box 9 directly on the Interest Income Smart Worksheet.
- Enter the amount that is tax-exempt for federal purposes.
- If only one state is tax-exmpt, enter the state id.
- If multiple states are tax-exempt:
- Enter the state ID of MX.
- Double-click on the payers name to access the Interest Income Worksheet.
- Scroll down to the Tax-Exempt-Interest State Allocation table.
- Enter each State or Territory ID.
- Enter either a percentage, or an amount of interest for the state.
Follow these steps to enter tax withheld from Form 1099-INT:
The federal or state income tax withheld from Form 1099-INT is entered on the Schedule B - Additional Interest Information Worksheet.
- Select Schedule B from the left navigation menu.
- Scroll down to the Interest Income Worksheet under Part 1 - Interest.
- Double-click on the Payer's Name to enter additional information.
- This will open the Interest Income Worksheet - Additional Information.
- Enter the applicable withholding information in boxes B1, B2, and/or B3.
Follow these steps to enter OID interest adjustments on the Schedule B:
- Double-click the Payer's Name box on the Interest Income Smart Worksheet on the Schedule B.
- Select Create new copy.
- Type in a name for the form in the space provided.
- If blank, the payer name will be used.
- Click the Create button at the bottom of the Select Additional Interest Information window.
- On the newly created Interest Income Worksheet, scroll down to Line E, Adjustment Information.
- On Line E1, select letter O for Original Issue Discount (OID).
- On Line E2 enter the appropriate amount of OID adjustment.
- A positive adjustment will be subtracted on the Schedule B while a negative adjustment will be added on the Schedule B.
From the ProSeries Tax Help:
"An 'adjustment' is an amount that you subtract from an individual interest or dividend amount to arrive at the interest or dividend amount you should be taxed on federally."