Question

Joint Filing Entering 1099-INTs using TT Walk Me Through Everything Mode

Forum|Forum|3 years ago
February 22, 2023
3 replies
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Hi,

Using TT Deluxe on PC. Filing jointly. Filed jointly for first time last year. In the 'Walk me Through Everything' (WMTE) mode and entering 1099-INT page for a specific bank. Both wife and I have a 1099-INT from the bank. The page asks if the data being entered belongs to me, wife, or both. At this point, TT does not offer any clarifying entry instructions.

If I enter for me, then the next screen is for another institution. If I go back to previous screen and then select wife and enter data, then next screen shows her interest and not mine, not a total for both of us for this institution. TT can be very confusing and short on entry instructions in my experience.

So should the correct selection have been for both and I add 1099s for this bank? Or will TT come back and ask for other entry data later for other person in WMTE mode?

Whatever the answer is, is this the default approach when dealing with TT WMTE mode? Also applies to1099-DIV?

Thanks

leeloo

If you are MFJ, every income entry will allow you to enter for each person. Finish with yours completely and then you will see the option. If you have more than one bank, enter each 1099 before moving on to your spouse.

BasenjiAuthor

Thank you.

R

rkcrandell

If it is taking you out of entering all interest, then go back to Rederal Taxes> Wages & Income and select I'll chose what I work on. Go down to Interest on 1099-IT and start or Update. Then select 'Add interest income' and enter the 1099-INT for your wife. I always enter each document (1099-INT / 1099-DIV, etc) separately rather than adding 2 together from the same company. Less confusing and less likely to enter incorrectly.

Hope this helps.

BasenjiAuthor

First - I would like to thank all of those who responded to the post. I sincerely appreciate your time and reply. Each was helpful along the path to a final solution. I think it important to also note that when reaching out with a post - my effort - has always been to be as succinct possible - which doesn't always give the entire set of circumstances surrounding the issue.

Second - Background and TT Failure. My filing status - Married Filing Jointly (2nd time). The issue I ran into was TT's failure to correctly address this filing status in both the 'Walk Me Through Everything' (WMTE) and the 'I'll Choose What to Work On' modes. I also admit that I'm somewhat tax literate but not tax savvy. That's what I use TT for.

Failure Explanation: TT does not ask the qualifying questions for the return in order to correctly prompt for income information. For example: If filing jointly, is income under a joint account or separate accounts? Separate meaning same financial institution but spouse has accounts under their SSN and you have accounts under your SSN. So when going through either mode TT lists the reported institutions from last year's return, you're presented with 3 choices You, Spouse, or Both. Where Both is not made clear if it applies to joint account only or can be used to add yours then spouse's 1099-INT or DIVS together. TT NEEDS to clarify how Both is to be used. Ultimately if separate accounts the approach for both falls apart for Both.

Solution - What I Did: I started TT over and created a new return. (Why? Because past experience with TT where you have incorrectly entered information and then try to go back and correct the entry TT does not completely correct the entry and this is caught during review, with incorrect forms and calculation errors- causing more headaches).

Got to Interest and Dividend Income entry - either mode - and entered all my data for interest income. Then at last entry for interest income selected another 'Add interest income' and then added the same institution for spouse - selecting Spouse as who 'This interest belongs to. . .' Did this for both 1099-INTs and DIVs and 1099-B's where we both had accounts under our respective SSN. Then the correct summary page was presented under Interest and Dividends and Investment Income.

Sorry for the long-worded explanation but is needed for the solution presented here.

Hope this helps others who may be in the same or familiar situation.