Tax exempt interest shows incorrectly on 1040

Forum|Forum|2 years ago
March 2, 2024
3 replies
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My 1040 shows a tax exempt interest amount of $9732 while my imported 1099 INT and the Interest worksheet show it as 18713. I called the TurboTax support number and shared my screen and the specialist was unable to figure out where the 1040 amount is coming from. My review shows no errors so I am ready to file, but dont want to file a return with an obvious error though tax exempt interest doesnt impact my taxes. This also makes me wonder if there are other errors. The TurboTax specialist has promised to get back but it appears there is a bug.

KrisD15

If possible, you should delete the imported 1099-INT and manually type it in to see if there clears up the error.

To Delete a Form using TurboTax Online:
Select Tax Tools on the left side-bar
Select Tools from that drop-down
Select “Delete a form” on the TOOLS CENTER screen
Select the form, schedule and/or worksheet you wish to remove, in your case the 1099-INT

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NitabaiAuthor

I dont want to delete a form and manually enter for following reasons:

1. I have multiple accounts with the same broker and trying to delete one form deletes all forms from the broker. I have the desktop version not the online version and I cannot use the exact steps you outline.

3. Turbotax guarantees correct returns - it should show correct data and not require manual manipulation. Their guarantee will be voided if I make manual changes.

MayaD

We would like to take a deeper dive into this message to assist you. In order to do this, it would be helpful to have a TurboTax ".tax2023" file that is experiencing this issue. You can send us a “diagnostic” file that has your “numbers” but not your personal information.

To do that:

1.Go to the black panel on the left side of your program and select Tax Tools.
2.Select Tools below Tax Tools.
A window will pop up which says Tools Center.
3.On this screen, select Share my file with Agent.
You will see a message explaining what the diagnostic copy is.

4.Click okay through this screen and then you will get a Token number.
5.Reply to this thread with your Token number. This will allow us to open a copy of your return without seeing any personal information.

In TurboTax Desktop:

Switch to interview mode in TurboTax.
Go to any screen except the Welcome screen.
From the menu, select:
- Online if you are on a PC.
- Help if you are on a Mac.
Select Send Tax File to Agent.
- You will be notified that all personally identifiable information (PII) is being removed.
The seven-digit token number will appear.

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flyerii

I have the same issue. I only have 1 1099-INT with tax-exempt interest. That amount is $1485. It is showing up as $2818 in line 2a of Form 1040.

KeshaH

If you'd like, we can look at your return and see exactly what you see to help come to a resolution. The return will be scrubbed and won't include any of your personal details.

If you're using TurboTax Online:

Once you're logged in to your account,

- on the left hand panel, click on Tax Tools and then choose Tools

- on the pop up window, select Share my file with Agent

- you'll see a message saying you'll give us a copy of your tax return. Your personal information will be changed so we can't see any private information.

- click okay and you'll get another message with a token

If you're using TurboTax Desktop:

Click on Online in the top menu of TurboTax Desktop for Windows
Select 'Send Tax File to Agent'
Write down or send an image of your token number and state then place in this issue.
We can then review your exact scenario for a solution

Please reply to this message with your token so that we can further assist you. Let us know all other states, if any, that are included on the return.

flyerii

State is NJ

allendalerusty

Form schedule B shows my tax exempt income correctly. But Form 1040 or 1040-SR worksheet shows it wrong. How do I correct this?

AmyC

Employee

Schedule B line 4 goes to the 1040 line 2b.

Is the taxable amount showing correctly on line 2b, it has no number, a wrong number?

Are you using desktop or online software?

@allendalerusty

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NitabaiAuthor

I had the same issue last year and this year again. The amount on Form 1040 is significantly lower than the amount in 1099-INT. Last year an Intuit employee asked me to reimport the 1099, but it still showed the same amount. She then asked me to send her my files which I did, but never heard back. Turbotax seems to make some adjustment to the tax exempt interest but there is no way of knowing what or why it does that.