1099-INT Import bug on TurboTax desktop - Windows

Forum|Forum|3 years ago
April 1, 2023
1 reply
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My wife has two different savings accounts in the same online bank, both of which had taxable interest.

One of the savings accounts has only a small amount in it, so the interest income was only $0.12 last year. The other account pays a higher rate, so that other account has the majority of the money in it.

Both accounts are accessed under the same online account ID and password, so they do not have separate user IDs that one must use to log in.

I tried to import the 1099-INT information, presuming I'd get the total interest paid for both accounts that appears on the 1099-INT form, which is the way it appears on the 1099-INT I downloaded from the bank's website, although, or course, the 1099 shows two separate accounts on the 1099 with box 1 (Interest Income), through box 17 (State Tax Withheld), shown separately for each of the two accounts.

There is also a summary section that shows the sum total for both accounts which shows boxes 1 through 17. This section is labeled "***Total 1099-Int". This "totals" section appears below both of the independent account sections on the 1099-INT.

The account that only earned $0.12 is the account that is shown first on the 1099-INT I downloaded myself.

When I imported into TurboTax desktop, TT only imported the amount shown in the highest set of boxes, i.e., it imported a total of $0.12 of interest income.

Thanks, but I'd prefer not to get hit with interest and probably IRS penalties for failing to report the true amount of 1099-INT income. Please fix this bug ASAP!!!!!!!!!

Best answer by SteamTrain

@KMan99

Just go edit the 1099-INT you did import...and put in the total of both accounts into box 1 (or any other boxes that have non-zero values).

_______
ALLY bank tax imports have the same problem (EVERY YEAR), but only the total interest needs to be entered on one 1099-INT form in the tax software...whatever total was received from the bank.

SteamTrainAnswer

Employee

@KMan99

Just go edit the 1099-INT you did import...and put in the total of both accounts into box 1 (or any other boxes that have non-zero values).

_______
ALLY bank tax imports have the same problem (EVERY YEAR), but only the total interest needs to be entered on one 1099-INT form in the tax software...whatever total was received from the bank.

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*

KMan99Author

KMan,

Thank you, it just so happened to be the 1099 from Ally bank, so you were correct on that, and yes, I did go in and input directly into Turbo Tax from the ***Total line on the Ally 1099.

It might be a formatting problem with Ally 1099s, because they took only the top account's 1099 info into Turbo Tax, it's possible that other 1099's from other banks show the total 1099 first, and Turbo Tax imports it correctly, but it's a little uncomfortable to know that TT didn't import the total amount correctly. Luckily, the first account had only $0.12 of interest, so when I saw $0.12 appear on the TT screen, I knew there was a problem. Had the imported amount been somewhat larger, I might have overlooked the incorrect imported amount.

donut-guy

TT still has a bug in their software for 1099-INT downloads. I had 3 accounts that earned >$10 of interest at Marcus.com (aka Goldman Sachs Bank) in 2024. TT downloaded 2 of the amounts and DIDN'T DOWNLOAD the largest one. Apparently TT doesn't care about these errors. A user that gets hit with IRS penalties should collect from TT. Sooner or later they will fix it if it costs enough.