2 year comparison

Forum|Forum|4 years ago
January 29, 2022
1 reply
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I am using a downloaded version for windows of TurboTax 2021 premier. There seems to be a "bug" in the Prior year interest amount. When I am using the "step by Step" view, it shows interest entered for 2021 and that is correct. It also shows interest for the prior year (2020) and this amount is incorrect. I checked it on my previous year Turbo Tax return.

When I go to the "form" view and find the 2 year comparison form. the line for interest+dividend amount is correct for the previous year.

Since we don't transmit prior year info to the IRS, it not a big deal, just provides for confusion. Maybe it is an easy fix.

Thanks

Best answer by SteamTrain

Yeah...in interview mode...for the prior year value interest (2020)

For the 2020 column:

... the 1099-INT value is the total of boxes 1+3+8 PLUS box 11 from the 2020 1099-DIV forms.

...the 1099-DIV value is just the total for boxes 1a of the prior year -DIV forms

For the 2021 Column:

The 1099-INT only includes all boxes 1+3+8 of the 1099-INT forms

The 1099-DIV entry includes all boxes 1a and box 11 together

__________________

SO they moved the prior year box 11 from 1099-DIV into the 1099-INT value.

They've done this for at least the past 10 years...and a few people catch it and wonder what's up.

I've mumbled at TTX to change that behavior, but perhaps the mess-o-programming is just too much

........perhaps they pull the prior year exempt interest directly from the line 2a of the 2020 1040....and that line doesn't distinguish between the two possible sources. Too much trouble to split them up in the summary data transfer.

SteamTrainAnswer

Employee

Yeah...in interview mode...for the prior year value interest (2020)

For the 2020 column:

... the 1099-INT value is the total of boxes 1+3+8 PLUS box 11 from the 2020 1099-DIV forms.

...the 1099-DIV value is just the total for boxes 1a of the prior year -DIV forms

For the 2021 Column:

The 1099-INT only includes all boxes 1+3+8 of the 1099-INT forms

The 1099-DIV entry includes all boxes 1a and box 11 together

__________________

SO they moved the prior year box 11 from 1099-DIV into the 1099-INT value.

They've done this for at least the past 10 years...and a few people catch it and wonder what's up.

I've mumbled at TTX to change that behavior, but perhaps the mess-o-programming is just too much

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

SDTNAuthor

Thanks for such a quick reply. I was just looking at some of my past returns and you are correct. It has been that way for awhile.

thank again

Paul154

Hey TurboTax, why don't you fix the previous year's interest and dividends as displayed on the current year's display? For example, the current year is correct and matches your entries and goes to submitted tax returns. Then you start a new year, AND the previous year is different than what was used/reported upon in last year's return. There does not appear to be any logical reason for this erroneous amount shown. Or do you recommend I look for another less erroneous tax reporting software? Thank you