My 1099 for 2021 from IRS for interest included interest from 2020 and 2021 but i recorded 2020 in 2020. The IRS won't help with a corrected 1099, what should I do?

[VolvoGirl]

When did you actually get the interest?  They must have paid both to you in 2021.  Now wait a minute.  For what tax years?  How did you record 2020 interest in 2020?  You wouldn't get your 2020 refund until you filed in 2021.   And we are just filing 2021 now.  Does the 1099 have 2 amounts for 2 years?  

[ThomasM125]

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

[jamk_89]

Thanks, to be clear I received the interest in December 2020 and reported it on the 2020 tax return.  However, the IRS never sent a 1099 for 2020.  They lumped both interest amounts 2020 (received in 2020) and 2021 (received in 2021) on the 2021 1099.  Even tho i did not receive a 2020 1099, i still reported the income in 2020 because it was received in 2020.  The IRS included 2 years on one form for some reason. 

[jamk_89]

Thanks, to be clear I received the interest in December 2020 and reported it on the 2020 tax return.  However, the IRS never sent a 1099 for 2020.  They lumped both interest amounts 2020 (received in 2020) and 2021 (received in 2021) on the 2021 1099.  Even tho i did not receive a 2020 1099, i still reported the income in 2020 because it was received in 2020.  The IRS included 2 years on one form for some reason. 

[JohnB5677]

You did exactly what you should have!  But now you have three alternatives.

1. You can contact the IRS and request a corrected 1099-INT.  You can call toll-free at 1-800-829-1040 or visit a Taxpayer Assistance Center Local IRS Office 
2. You can amend your 2020 tax return and take the 2020 interest off of it.
3. You can do nothing and post the full amount of interest to your 2021 return