1099INT error

[Fotoman1]

I redeemed some U.S. Bonds this past year and found that the amount on line 3 of the form is under reported.  I have not filed my taxes as yet.  I've gone back to the bank, and they insist the form is correct even though I showed them the correct calculations.

Do I file the amount that is correct or must I get them to change the form?

[MelindaS1]

You'll want your tax reporting to match what you received on form 1099-INT, to avoid triggering an automatic matching notice with the IRS, as the agency has already received and accepted the form into their system as it was reported to them. Any amount that differs can cause an automated underreporting notice.

You could try asking the bank to provide you with their calculation for the totals. In the meantime, you may want to consider the possibility of filing for a federal and/or state extension, depending on your conversation(s) with the bank. 

You can check your IRS transcript online to verify what the agency has on file for your income for the year.