Idaho47
Returning Member

Investors & landlords

AlicaP1, thank you for fielding my query. Thanks for directing me to "forms mode". After studying the structure of "forms mode", I now have a guess about why, when I only have 5 investment accounts, TurboTax is showing 7 investment accounts on my Sched B.

 

My guess is uneducated. If in your educated experience, you can tell me if I'm correctly interpreting how TurboTax populates 1099 information  to the Sched B, I'd be grateful to you. If my interpretation is in the weeds, then I'd be happy to be corrected, as well.

 

For clarity, to repeat, my problem is that I only have 5 investment accounts but I find 7 entries on my Sched B. Here is the screen grab I posted earlier, revised for clarity —

1040-SchedB_Draft.png 

 

Now, after studying the "forms mode" tab of TurboTax, I think I might see what's going on here. If I've got this right, TurboTax is showing two accounts (see screenshot below, "Acct A" and "Act B") twice on Sched B under Interest. It is showing those accounts, first, as "Interest Income", and then again, as "OID-interest income".  See below —

ExtraAccts_Solved_ToTurboTax.png

 

Is my guess correct? On the Sched B, under Part I Interest, does TurboTax populate to that list of payers, the same investment account, twice — listing the account first for Interest Income; then listing the same account a second time for OID-interest income?

 

Thank you