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April 12, 2024
Question

Math doesn’t add up

  • April 12, 2024
  • 2 replies
  • 0 views

TT says I have $17000 in interest but nothing close to that is on my 1099, maybe $500

    2 replies

    VolvoGirl
    Employee
    April 12, 2024

    Interest can come from other places like a K-1 or 1099Div.  Did you import any 1099 forms from your broker, fund, or bank, etc.?  Like if you imported a 1099R it might have imported all the 1099 forms from that place. 

    Delete all the 1099 INT and see if any interest is still there.  Enter them again Manually.  That usually clears something out and fixed it.

    DoninGA
    Employee
    April 12, 2024

    Where are you seeing this amount?  Have you looked at your federal tax return Form 1040 on Line 2b for taxable interest?

     

    Review your Form 1099-INT entries for an incorrect amount or a misplaced decimal point or a comma entered instead of a decimal point -

    To report interest income received -

    Click on Federal Taxes (Personal using Home & Business)
    Click on Wages and Income (Personal Income using Home & Business)
    Click on I'll choose what I work on
    Under Interest and Dividends
    On Interest on 1099-INT, click on the start or update button