You should receive a Form 1099-INT from banks and financial institutions for interest earned over $10. Even if you did not receive a Form 1099-INT, or if you received under $10 interest for the year, you must still report any interest earned and credited to your account during the tax year.
To enter interest income in your TaxACT return:
The payer's identification number and address are not needed.
- From within your TaxACT return (Online or Desktop) click on the Federal Q&A tab
- Click Investment Income to expand the category, then click Interest Income (Form 1099-INT)
- Click Add to create a new copy of the form or click Review to review a form already created
- Click Quick Entry or Step-by-Step Guidance. If you select Quick Entry, be sure to scroll down to answer all applicable questions. If you select Step-by-Step Guidance, the program will proceed with the interview questions.
Video Presentation - Correcting or Adding Forms W-2 and 1099