1099-INT for T-Bill interest

tb001
tb001 Member Posts: 8 Newcomer
edited April 11 in Filing my taxes

Hi, I uploaded my Fidelity consolidated 1099 into FreeTaxUSA. It mainly had:

  • Dividends from SPAXX (money market fund) and TFLO (Treasury floating rate ETF)
  • Interest from short-term Treasury bills

From the forms:

  • Form 1099-DIV: Box 1a shows $1353 in ordinary dividends. All other boxes are zero.
  • Form 1099-INT: Box 3 (Interest on U.S. Savings Bonds and Treasury obligations) shows $9135. Everything else is zero.

FreeTaxUSA only picked up the 1099-DIV automatically. It did not add anything for 1099-INT. I wasn’t sure if this was a mistake or if 1099-INT wasn’t needed since it’s just T-Bill interest (which is taxed differently).

So I manually entered the 1099-INT with the $9135 in Box 3.

My question:

  • Did I do the right thing by manually adding the 1099-INT?
  • Or should I remove it because FreeTaxUSA handles Treasury interest differently?

Thanks in advance for your help!

Tagged:

Comments

  • KeriC
    KeriC FreeTaxUSA Agent Posts: 218

    @tb001
    Yes, if the software did not pick up a particular form or line item when you uploaded information, you are correct to have manually entered it into the software. To ensure that it is treated correctly on your state return, please be sure to proceed with your return and answer any associated questions when you reach the State portion of the software.

Categories