topic Re: Should I combine multiple 1099-INTs from same institution? in Get your taxes done using TurboTax

Should I combine multiple 1099-INTs from same institution?

GottaPayMyTaxes — Sun, 09 Aug 2020 21:01:32 GMT

I received two 1099-INTs from the same institution for two bank accounts I have with them.
I see several posts (by relatively new members) that one *CAN* combine the amounts into a single entry in TT.
My question is - what is the best thing to do to avoid getting flagged by the IRS - enter as separate or enter as a combined amount?
Thanks!

Re: Should I combine multiple 1099-INTs from same institution?

Bsch4477 — Sun, 09 Aug 2020 22:17:36 GMT

Since the IRS will receive 2 forms it would be a good practice to report each one separately.

Re: Should I combine multiple 1099-INTs from same institution?

Critter-3 — Sun, 09 Aug 2020 22:30:51 GMT

All the IRS cares about is the total ... you are allowed to combine them without issue if you like.

Re: Should I combine multiple 1099-INTs from same institution?

Anonymous_ — Sun, 09 Aug 2020 22:36:03 GMT

I agree with both of the above responses.

However, I would enter the two 1099-INTs separately only if the return required the preparation of Schedule B.

Re: Should I combine multiple 1099-INTs from same institution?

Carl — Sun, 09 Aug 2020 23:58:38 GMT

So long as SCH B isn't required *AND* if the FEIN on both 1099-INTs is the same, you can combine them as a single entry if you like.

Re: Should I combine multiple 1099-INTs from same institution?

GottaPayMyTaxes — Sun, 16 Aug 2020 19:01:04 GMT

Thank you very much everyone for your help