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Retirement tax questions
You should report the interest as stated on the form. If you received all of the interest in 2021 then it belongs on the 2021 tax return and you would need to amend your 2020 tax return to correct it.
Otherwise, you should report the form 1099-INT as stated and enter a negative adjustment to Other Income on your 2021 return to cancel out the interest that belonged in 2020. Here is how you would make the adjustment:
Go to the Income and Expenses section of TurboTax
- Choose Less Common Income
- Choose Miscellaneous Income, 1099-A, 1099-C
- Choose Other reportable Income
- Enter a description and the amount of your adjustment as a negative number
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March 30, 2022
7:55 PM