Import process of 1099-INT did not add everything into TurboTax

Forum|Forum|6 years ago
June 5, 2019
3 replies
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I have three accounts with Ally Bank. One is a Money Market Account. One is an Online Savings Account. One is a CD Account which matured in 2018. When I perform the TurboTax import process, only the interest from the Money Market Account and the Online Savings Account is imported. The interest from the CD Account is not imported.

The paper 1099-INT shows all three accounts and the interest from all three accounts is shown as well as the total interest received from Ally Bank.

I realize I can type the interest into TurboTax and disregard the import process but I am wondering if I am missing something. Is the interest from the Matured CD Account handled in some different way? Would that explain why it is not imported? Perhaps it is only a glitch between TurboTax and Ally Bank.

TurboTax Premier Windows

Best answer by SteamTrain

I think that is a problem wit the way that ALLY formats their tax import file...they had the same issue last year and apparently did not fix it.

I have a couple more CDs there..and what imports is only what is on the first page that you will see on your physical/paper/PDF copy from ALLY.

Yes, this is going to mess up a lot of folks. Your choice at this point is to manually add in that last CD as a separate 1099-INT ("I'll type it in myself") .

...or do what I do every year.....ALLY also has a final "total" 1099-INT that you can see at the end of your actual paper/PDF copy. Just delete all of the imported ones and put in the final total 1099-INT by itself .

SteamTrainAnswer

Employee

I think that is a problem wit the way that ALLY formats their tax import file...they had the same issue last year and apparently did not fix it.

I have a couple more CDs there..and what imports is only what is on the first page that you will see on your physical/paper/PDF copy from ALLY.

Yes, this is going to mess up a lot of folks. Your choice at this point is to manually add in that last CD as a separate 1099-INT ("I'll type it in myself") .

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

aQUnpm2

great thanks! I had the same issue

TwinsFatherSF

Thank you for posting. I had the same problem with CDs with Marcus (Goldman Sachs Bank). It only imported the accounts listed on the first page. That is very annoying (and not obvious... I'm glad I noticed).

choll

I'm having exactly the same problem (importing multiple 1099-INTs from Marcus). TT only imports the first page.

In addition, TT is saying the 1099-INTs are for me although my wife sets that they are her accounts. Is there any resolution to this? Surely TT can parse multiple pages of data.

baldietax

At this point if import still isn't working it never will for 2024 filing. You should just enter the 1099-INT manually, it's usually straightforward (and quicker than all this importing imo) - not sure what TT version you are on but you should see a function to add new investment, "skip this import" and then enter the information. Unless you have some state requirement for more info on the 1099 all you need is a payer name and Box 1 (or others with amounts) - all the other payer information (address, TIN etc) is not needed for filing.

https://ttlc.intuit.com/turbotax-support/en-us/help-article/import-export-data-files/enter-form-1099-int/L647oy31F_US_en_US?uid=m9idra44

baijookotharitax

The importing of 1099-INT is still an issue in 2025. Not sure if Turbotax is ever going to resolve this issue. The issue is not limited to Ally but Marcus bank and any other bank where you might have multiple account from same bank reported on your 1099-INT form. It picks up just the first one and ignores the rest. You have to manually add it all the time else you run the risk of falsely reporting to IRS !!

MonikaK1

Did you go to the Form 1099-B section of TurboTax and follow the instructions there for importing?

If so, and some of the information is missing, you might try deleting the statement and importing again. If that doesn't capture them all, then you may need to enter the missing transactions yourself via the interview. It's also possible that not all of your brokerage's information documents were included in the import because they are not yet available:

If your financial institution is a TurboTax 1099 Import Partner, you'll likely be able to import your 1099-INT, 1099-DIV, 1099-OID, 1099-R, 1099-NEC, and 1099-MISC (without entries in boxes 8 or 10) by January 31, 2025. And you'll likely be able to import your 1099-B and 1099-MISC (with entries in boxes 8 or 10) by February 15, 2025. If your brokerage issues a consolidated tax statement with several types of 1099s, which is common, you might not be able to import any of your 1099s until February 15, 2025.

Check here for updates to the Help Article with this information. You can also check with Fidelity directly as to whether all of their information documents are available for import.

You have the option to enter the information from Forms 1099-B manually. See this help article for more information.

@baijookotharitax

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baijookotharitax

I followed the prompts provided by turbotax online and since I have 1099-INT, I used the 1) direct connect to bank and import forms and 2) upload from your computer

and both way it skipped the other entries.

If 1099-B is the way to upload the 1099-INT, why is turbotax not suggesting to go the 1099-B section?