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

SOLVEDby IntuitLacerte Tax171Updated April 11, 2022

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

  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).
  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).
  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)
  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).
  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)

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:

  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).
  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).
  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.
  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).
  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).
  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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