My 1099-INT amount doubled & I have already e-filed!!!

Forum|Forum|2 years ago
January 21, 2024
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My 1099-INT interest amount doubled & I have already e-filed!!! Must I now amend my tax return?

Best answer by DianeW777

So, I just received notification that my 2023 tax return was accepted. (I was hoping it would be rejected because it has an error caused by TurboTax doubling an interest entry.) I will now have to wait until after I receive the refund before I can amend the return and e-file it again.

Since my refund is based on factors including the incorrect overstated interest earned, my refund is not correct! I think my refund should be more due the actual interest I earned being less than what was on my return. The refund is based on incorrect interest that is more than what I was paid in interest income. How is this refund reconciled?

It really perturbs me that this 'doubling' error in TurboTax's system has not been fixed since it became known way back in 2019. 😠

See THIS for evidence that this TurboTax 'doubling error' I'm dealing with now dates all the way back to 2019!!! 🙎

You may begin to amend your tax return once the IRS has had a chance to process it. You will be able to access and file an amended return approximately February 14th (Form 1040-X). The link to view the release date can be viewed through our Tax Form Availability for TurboTax Online or TurboTax Download

Be sure to read all the instructions carefully, before you begin, so that TurboTax knows the original numbers and the changed numbers for your amendment.

@Bob in Plano

DoninGA

Employee

How do you know the interest was doubled?

Did you look at the Form 1040 Line 2b for taxable interest? Is the amount shown doubled what you entered for the Form 1099-INT or is it the same?

Bob in PlanoAuthor

"How do you know the interest was doubled?

Did you look at the Form 1040 Line 2b for taxable interest? Is the amount shown doubled what you entered for the Form 1099-INT or is it the same?"

Yes, on Form 1040, Line 2b shows a total interest c/o one payer that is exactly doubled the amount I manually entered plus an amount from another payer that was correctly imported. My manually entered interest amount that was doubled was added to the imported amount making teh total interest incorrect by factor of 2X the manually entered amount. .

I see that in 2019 numerous people experienced the same 'doubling' of interest problem.

VolvoGirl

Employee

Did you manually enter the 1099? And also maybe import it? Sometimes it will import if you are importing other 1099 forms from the same bank or broker.

ee-ea

Employee

Your filed return will be pending until the IRS starts accepting returns on Jan 29 and can not be changed. If your return is accepted you will get an email. If the return is rejected the e-mail will tell you what to correct and you can make changes before e-filing again. Amend to change an accepted return after you get your refund. Instructions below