Entering Form 1099-INT in ProSeries

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:

1. Open the tax return.
2. Press F6 to open the Open Forms window.
3. Type B and select OK to open the Schedule B.
4. Scroll to the Interest Income Smart Worksheet.
5. Enter the Payer's Name.
6. Enter any amounts from box 1, box 2, box 3, box 8 and box 9 directly on the Interest Income Smart Worksheet.
7. 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:

1. Open the tax return.
2. Press F6 to open the Open Forms window.
3. Type B and select OK to open the Schedule B.
4. Scroll to the Interest Income Smart Worksheet.
5. Enter the Payer's Name.
6. Enter any amounts from box 1, box 2, box 3, box 9 directly on the Interest Income Smart Worksheet.
7. Enter the amount that is tax-exempt for federal purposes.
8. If only one state is tax-exmpt, enter the state id.
9. If multiple states are tax-exempt:
   1. Enter the state ID of MX.
   2. Double-click on the payers name to access the Interest Income Worksheet.
   3. Scroll down to the Tax-Exempt-Interest State Allocation table.
   4. Enter each State or Territory ID.
   5. 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.

1. Select Schedule B from the left navigation menu.
2. Scroll down to the Interest Income Worksheet under Part 1 - Interest.
3. Double-click on the Payer's Name to enter additional information.
   • This will open the Interest Income Worksheet - Additional Information.
4. Enter the applicable withholding information in boxes B1, B2, and/or B3.

Follow these steps to enter OID interest adjustments on the Schedule B:

1. Double-click the Payer's Name box on the Interest Income Smart Worksheet on the Schedule B.
2. Select Create new copy.
3. Type in a name for the form in the space provided.
   • If blank, the payer name will be used.
4. Click the Create button at the bottom of the Select Additional Interest Information window.
5. On the newly created Interest Income Worksheet, scroll down to Line E, Adjustment Information.
6. On Line E1, select letter O for Original Issue Discount (OID).
7. On Line E2 enter the appropriate amount of OID adjustment.
   1. 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."