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Question
Where should I include the bonus/income from the bank on Form 1099 INT on my tax return? And do I need to fill out separate forms other than 1040 or the schedule to this form?
AI accountant’s answer:
You should report the interest income from your Form 1099-INT on your Form 1040, U.S. Individual Income Tax Return, or Form 1040-SR if you are using that form. Specifically, you should include the amount in the "Interest" line (Line 2a or 2b) depending on whether it's taxable or tax-exempt interest. Generally, you don't need to fill out separate forms for interest income reported on Form 1099-INT, but there might be a few cases where additional forms or schedules are necessary: 1. If your total interest income exceeds $1,500, you will need to complete Schedule B (Form 1040), Interest and Ordinary Dividends. 2. If the interest is from a foreign account, foreign financial assets, or if you have certain foreign financial accounts, you may need to file additional forms such as Form 8938, Statement of Specified Foreign Financial Assets, or FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR). Make sure you also provide your payer's federal identification number and your income amount on your tax return, as reported on your Form 1099-INT.
Comment from reviewer
Jacques Seys, CPA
Not Correct.
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Keeper’s AI Accountant

This AI accountant is powered by GPT-4, but has up-to-date knowledge of tax law. It’s been trained on federal and state tax updates for 2023. With credentialed tax professionals fact-checking its responses, it applies IRS rules to real-world situations.

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File taxes.

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Ask an AI Accountant

A free tool by

Question
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AI accountant’s answer:

What’s a Rich Text element?

The rich text element allows you to create and format headings, paragraphs, blockquotes, images, and video all in one place instead of having to add and format them individually. Just double-click and easily create content.

Static and dynamic content editing

A rich text element can be used with static or dynamic content. For static content, just drop it into any page and begin editing. For dynamic content, add a rich text field to any collection and then connect a rich text element to that field in the settings panel. Voila!

How to customize formatting for each rich text

Headings, paragraphs, blockquotes, figures, images, and figure captions can all be styled after a class is added to the rich text element using the "When inside of" nested selector system.

Comment from reviewer
This is some text inside of a div block.

What’s a Rich Text element?

The rich text element allows you to create and format headings, paragraphs, blockquotes, images, and video all in one place instead of having to add and format them individually. Just double-click and easily create content.

Static and dynamic content editing

A rich text element can be used with static or dynamic content. For static content, just drop it into any page and begin editing. For dynamic content, add a rich text field to any collection and then connect a rich text element to that field in the settings panel. Voila!

How to customize formatting for each rich text

Headings, paragraphs, blockquotes, figures, images, and figure captions can all be styled after a class is added to the rich text element using the "When inside of" nested selector system.

Not Correct.
Icon check
Looks good

Keeper’s AI Accountant

This AI accountant is powered by GPT-4, but has up-to-date knowledge of tax law. It’s been trained on federal and state tax updates for 2023. With credentialed tax professionals fact-checking its responses, it applies IRS rules to real-world situations.

Find write-offs.
File taxes.

Keeper helps independent contractors and freelancers discover tax deductions and file taxes.

Get started