topic Interest reported by the banks is 1044.94, while the turbo tax software has changed it to 864. What is the reason for this reduction in Retirement tax questions

Interest reported by the banks is 1044.94, while the turbo tax software has changed it to 864. What is the reason for this reduction

bb.nauhria — Mon, 09 Mar 2026 06:12:34 GMT

why the interest reported by financial institutions is lowered by turbo tax software

Re: Interest reported by the banks is 1044.94, while the turbo tax software has changed it to 864...

DanaB27 — Sat, 12 Feb 2022 18:39:59 GMT

If the interest isn't imported correctly, then you might have to delete it and reenter it manually.

Select "Federal"
Click "Review" next to "Investments and Savings"
Click "Trash icon" to delete the interest or click "Review" to edit
Click "Add investment"
On the "Let's import your tax info" screen scroll down click "Enter different way"
Continue until "How do you want to enter your 1099‑INT?" and click "Type it myself" at the bottom

Re: Interest reported by the banks is 1044.94, while the turbo tax software has changed it to 864...

bb.nauhria — Tue, 15 Feb 2022 22:50:10 GMT

Hi DanaB27,

I deleted the interest added by TurboTax and added the interest manually myself, Still the interest shown is 864.00 instead of 1044.94. Totally Confused. TurboTax software might have a flaw

Thanks

Re: Interest reported by the banks is 1044.94, while the turbo tax software has changed it to 864...

RobertB4444 — Wed, 16 Feb 2022 01:08:56 GMT

@bb.nauhria Is the interest that you are seeing shown on the 1099 or on the return as a total? Is there an adjustment amount elsewhere on your 1099?

You may be better off having someone walk through the return with you to look at your entries so I recommend getting live expert help.

Here is a link to finding a TurboTax expert.

However, that requires upgrading your product which may be an expense you don't want. In that case you can call an expert and ask questions over the phone.

Here is a link to the TurboTax Phone Number.

Re: Interest reported by the banks is 1044.94, while the turbo tax software has changed it to 864...

SweetieJean — Wed, 16 Feb 2022 13:53:09 GMT

Is there an amount in Box 8 (tax exempt interest), or did you perhaps type something in that box by accident?

Re: Interest reported by the banks is 1044.94, while the turbo tax software has changed it to 864...

bb.nauhria — Wed, 16 Feb 2022 17:36:34 GMT

There is nothing in Box 8. I am totally confused. Is there an error in turbo tax software

Re: Interest reported by the banks is 1044.94, while the turbo tax software has changed it to 864...

VolvoGirl — Wed, 16 Feb 2022 17:42:59 GMT

The difference is about $180. That points to being a typo, transposition. Do you have only 1 1099Int or several? Did you try deleting them all?

Nobody else is reporting any problems like that.

Re: Interest reported by the banks is 1044.94, while the turbo tax software has changed it to 864...

bb.nauhria — Wed, 16 Feb 2022 19:18:12 GMT

I had 3 1099-INT from 2 different institutions. The interest reported on them is 741.29, 82.41 and 221.24. This adds up to 1044.94. I do not understand why the Turbo Tax changed it to 864.00

Thanks

Re: Interest reported by the banks is 1044.94, while the turbo tax software has changed it to 864...

VolvoGirl — Wed, 16 Feb 2022 20:16:01 GMT

Try leaving the cents off all of them. We'll narrow it down.

Re: Interest reported by the banks is 1044.94, while the turbo tax software has changed it to 864...

VolvoGirl — Wed, 16 Feb 2022 20:27:05 GMT

What are you typing on? If you have a full keyboard with a number pad try typing on the number keys above the letters instead of the keypad.

The amounts are all in box 1? You are just entering 3 interest forms? You said 2 are from the same place?

If you leave off the cents the difference is exactly 180 which means you reversed some digits. I can usually figure that out but not finding it yet. I'm working on it.

Re: Interest reported by the banks is 1044.94, while the turbo tax software has changed it to 864...

bb.nauhria — Wed, 16 Feb 2022 22:29:22 GMT

That is what I did I typed the interests from 2 different institutions. There are 3 1099-INT I received and one of them reported 741.29, other two were 82.41 and 221.24 all in BOX 1. It adds up tp 1044.94. I do not see any confusion in listing of the interest. Which I did it manually to see if this will correct the error.