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1099-INT Import bug on TurboTax desktop - Windows

Forum|Forum|3 years ago
April 1, 2023
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My wife has two different savings accounts in the same online bank, both of which had taxable interest.

One of the savings accounts has only a small amount in it, so the interest income was only $0.12 last year. The other account pays a higher rate, so that other account has the majority of the money in it.

Both accounts are accessed under the same online account ID and password, so they do not have separate user IDs that one must use to log in.

I tried to import the 1099-INT information, presuming I'd get the total interest paid for both accounts that appears on the 1099-INT form, which is the way it appears on the 1099-INT I downloaded from the bank's website, although, or course, the 1099 shows two separate accounts on the 1099 with box 1 (Interest Income), through box 17 (State Tax Withheld), shown separately for each of the two accounts.

There is also a summary section that shows the sum total for both accounts which shows boxes 1 through 17. This section is labeled "***Total 1099-Int". This "totals" section appears below both of the independent account sections on the 1099-INT.

The account that only earned $0.12 is the account that is shown first on the 1099-INT I downloaded myself.

When I imported into TurboTax desktop, TT only imported the amount shown in the highest set of boxes, i.e., it imported a total of $0.12 of interest income.

Thanks, but I'd prefer not to get hit with interest and probably IRS penalties for failing to report the true amount of 1099-INT income. Please fix this bug ASAP!!!!!!!!!

Best answer by SteamTrain

@KMan99

Just go edit the 1099-INT you did import...and put in the total of both accounts into box 1 (or any other boxes that have non-zero values).

_______
ALLY bank tax imports have the same problem (EVERY YEAR), but only the total interest needs to be entered on one 1099-INT form in the tax software...whatever total was received from the bank.

SteamTrainAnswer

@KMan99

Just go edit the 1099-INT you did import...and put in the total of both accounts into box 1 (or any other boxes that have non-zero values).

_______
ALLY bank tax imports have the same problem (EVERY YEAR), but only the total interest needs to be entered on one 1099-INT form in the tax software...whatever total was received from the bank.

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

K

KMan99Author

KMan,

Thank you, it just so happened to be the 1099 from Ally bank, so you were correct on that, and yes, I did go in and input directly into Turbo Tax from the ***Total line on the Ally 1099.

It might be a formatting problem with Ally 1099s, because they took only the top account's 1099 info into Turbo Tax, it's possible that other 1099's from other banks show the total 1099 first, and Turbo Tax imports it correctly, but it's a little uncomfortable to know that TT didn't import the total amount correctly. Luckily, the first account had only $0.12 of interest, so when I saw $0.12 appear on the TT screen, I knew there was a problem. Had the imported amount been somewhat larger, I might have overlooked the incorrect imported amount.

S

Styg88

Yup, same problem here. Importing from National Financial Services -- I have three 1099-INTs but only one gets imported. If I repeat the import process and select only a missing 1099-INT to import, it OVERWRITES the first 1099-INT. I've tried changing the name and payor tax ID# in the first 1099-INT that I import, but when I import a missing one, it still overwrites the first one.

I think the same is happening with 1099-DIVs, since only two of three of my 1099-DIVs has imported. But I'm not going to try to import the missing one, and risk losing the extra information I had to enter for the first two 1099-DIVs.

Problem is even worse than it seems: I went to import 1099-INTs from a different financial institution (Wells Fargo), and it deleted one of the 1099-INTs I had previously imported from National Financial Services!

So far it hasn't deleted any 1099-INTs that I entered manually. But with 15-20 1099s (DIVs, INTs, and Bs), it is a chore to keep track of which forms are still there and which might have been deleted after importing another set of forms. This bug really needs to be fixed, as it looks like people have complained about it for years.