My 1099-INT amount doubled & I have already e-filed!!!

[Bob in Plano]

My 1099-INT interest amount doubled & I have already e-filed!!! Must I now amend my tax return? 

[DoninGA]

How do you know the interest was doubled?

Did you look at the Form 1040 Line 2b for taxable interest?  Is the amount shown doubled what you entered for the Form 1099-INT or is it the same?

[ee-ea]

Your filed return will be pending until the IRS starts accepting returns on Jan 29 and can not be changed. If your return is accepted you will get an email. If the return is rejected the e-mail will tell you what to correct and you can make changes before e-filing again. Amend to change an accepted return after you get your refund. Instructions below

https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-return/amend-federal-tax-return-curr...

[Bob in Plano]

"How do you know the interest was doubled?

Did you look at the Form 1040 Line 2b for taxable interest?  Is the amount shown doubled what you entered for the Form 1099-INT or is it the same?"

Yes, on Form 1040, Line 2b shows a total interest c/o one payer that is exactly doubled the amount I manually entered plus an amount from another payer that was correctly imported. My manually entered interest amount that was doubled was added to the imported amount making teh total interest incorrect  by  factor of 2X the manually entered amount. .   

I see that in 2019 numerous people experienced the same 'doubling' of interest problem. 

[VolvoGirl]

Did you manually enter the 1099?  And also maybe import it?  Sometimes it will import if you are importing other 1099 forms from the same bank or broker.  

[Bob in Plano]

It was a manual entry only and that manual interest entry amount was exactly doubled. I did have one import with a small amount of interest and it is listed correctly. 

I noted in 2019 many people experienced the same 'doubling' on interest problem.  

[Bob in Plano]

Two sources:  Manual interest  from Capital One savings & import from broker TD Ameritrade via Charles Schwab.  

[SteamTrain]

Don't change it now....but if you are using the "Desktop/Download" software, switch to Forms Mode, and look at the actual 1099-INT forms there.  Sounds like there should only be two 1099-INT forms.  Right?

Open them and look at the exact values again.

_______

Also, you haven't entered any 1099-K forms too have you?   Those sometimes add $$ into the interest line on the 1040.

[Bob in Plano]

I can't change it now! I'm using TurboTax Premier online, not software. I have already e-filed. All I have to look at is the minimal number of pages that automatically can be downloaded after filing. The Form 1040 Part 1 for Interest has two lines c/o the wrong doubled amount and the correct imported amount and with the two figures totaled which of course is an incorrect amount.  I guess now I must amend my tax return!  Painful! 😡   

[DoninGA]

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@Bob in Plano wrote:

I can't change it now! I'm using TurboTax Premier online, not software. I have already e-filed. All I have to look at is the minimal number of pages that automatically can be downloaded after filing. I think I must amend my tax return now. Painful! 😡   

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Before starting to amend the tax return, wait for the tax refund to be received or the taxes due to be paid and processed by the IRS.

[VolvoGirl]

You can not amend now.  You have to wait and see if the first return is Accepted or Rejected.  And the IRS is not opening until Jan 29.  So you have to wait until after Jan 29 to see.  If it rejects for something you can fix it and resend it.  But if it is Accepted you have to wait some more for the IRS to finish processing it and you get the refund or pay any tax due.  

[SteamTrain]

Well...if you're lucky, the IRS will reject your e-file for some reason, later this month...then you'll just edit it and re-e-file.

Otherwise, amending isn't available until after mid February....if "Accepted" you'll need to either pay what's due on the original, or wait for the original refund, before you prepare the amendment  (state too).

Make sure you save a full copies of the original before you amend.....as PDF files.  Both the Filing-Only Copy, and the extended copy with all forms and worksheets.  (after amending.....the original is GONE)

[Bob in Plano]

"Before starting to amend the tax return, wait for the tax refund to be received or the taxes due to be paid and processed by the IRS." 

You need a QUOTE feature!

So, why did this mistake even happen? Why wasn't this same problem from 2019 fixed? 😠

[Bob in Plano]

This is really painful!!! 😠 

Why wasn't this problem fixed from 2019 when people had the exact same problem of manually entered interest amounts being mysteriously doubled and creating unnecessary problems? 

[SteamTrain]

At this point no one knows.  I've entered  multiple1099-INT forms in both Desktop, and in the "Online" software....just recently.  I checked and no doubling occurs in either.

________________

Once you get access to all the forms, you'll be able to see what's on the actual forms.

like...two forms 1099-INT from the same provider...the one that is doubled?

or

....maybe $$ in box 3 of one or both 1099-INTs that you didn't take into consideration.