Form 1099-INT

Form 1099-INT


Tax Slayer entry:

Varies depending on the source of the interest.

Box 1-3:

Federal Section > Income > Interest and Dividends (1099-INT, 1099-DIV) > Interest and Dividends > Interest Income

  • Data will carry across to Schedule B and then to Form 1040 line 2b – Taxable interest.
  • OUT OF SCOPE if a Nominee Interest, OID adjustment ,Accrued Interest, or Amortized Bond Premium (ABP) adjustment is required.
  • If the interest is from a US Government obligation/savings bond (box 3), it is not taxable to Colorado. Enter that amount in the the Government interest line and also the state exclusion line.
  • Savings bond interest distributed prior to selling the bond is OUT OF SCOPE.

Box 5:

Federal Section > Deductions > Itemized Deductions > Miscellaneous Deductions > Investment Fees and Expenses

  • For 2015 – 2017: Investment expenses are entered on Schedule A line 23, Misc Deductions.
  • For 2018: This deduction has been eliminated.

Box 8:

For 2015 – 17: Federal Section > Income > Interest and Dividends (1099-INT, 1099-DIV) > Interest and Dividends > Tax Exempt Interest Income

For 2018: Federal Section > Income > Interest and Dividends (1099-INT, 1099-DIV) > Interest and Dividends > Interest Income

  • Data will carry across to Schedule B and then to Form 1040 line 2a  – Tax-exempt interest.
  • If the interest is due to a municipal bond from another state, it is taxable to Colorado. Add it back as a state taxable item.

Box 9:

Federal Section > Other Taxes > Alternative Minimum Tax

(or search for Form 6251)

  • OUT OF SCOPE  if AMT applies

Box 14

  • Ignore – entry not required.

Box 15-17:

Federal Section > Payments & Estimates > Other State Withholdings

☣ SOFTWARE ERROR If state tax was withheld, the state return will have to be paper filed to support that withholding. Attach a copy of the 1099-INT that shows the withholding.