When entering my 1099-INT I entered an adjustment due to accrued interest from bond purchases. For example, $706. I also had an ABP Premium adjustment of 300.
When reviewing the final return with "Print Center" it looks like TurboTax changed my "-706" adjustment to a "-600" adjustment. I see no worksheet explaining why it changed the number. I am trying to determine if the final number is correct (and what the explanation is) or if TurboTax did something incorrect.
Reviewing the 1099-INT Worksheet, there is a section "Adjustments to Interest". Box A (Accrued Interest) is checked and the amount listed is 706. Good.
Reviewing the Schedule B Part I Interest, TurboTax put "See Interest Adjustments -900". This seems incorrect (should be -1006)
When I go to the Interest Adjustments page, it shows two line items:
- ABP Adjustment: -300
- Accrued Interest: -600
- Total: -900
There is no worksheet showing how -706 became -600. It looks incorrect
UPDATE:
I tried different numbers for accrued interest and looks like TurboTax adjusts it to about 85%, regardless of the number.
