When entering my 1099-INT I entered an adjustment due to accrued interest from bond purchases. For example, $100. In the final return, TurboTax is only applying approximately 85% of this value as an adjustment (-85). I see no worksheet explaining how it came up with this number.
I am trying to determine if the final number is correct (and what the explanation is) or if TurboTax did something incorrect.
I have tried entering other values for accrued interest, and TurboTax consistently changes the actual deduction to about 85%.
Reviewing the 1099-INT Worksheet, there is a section "Adjustments to Interest". Box A (Accrued Interest) is checked and the amount listed is what I entered (e.g. 100). That's correct
Reviewing the Schedule B Part I Interest, TurboTax put "See Interest Adjustments -85". That is not what I expect.
When I go to the Interest Adjustments page, it shows:
- Accrued Interest: -85
- Total: -85
There is no worksheet showing how -100 became -85. It looks incorrect. Again, it does the same thing regardless of what value I enter.
NOTE: this is my second post on this issue, but no one has responded to the other. I spoke to a TurboTax CPA on the phone but they had no idea. They did some "research" then gave me a response that seemed oblivious to my question, so I'm stuck not knowing how to get an answer or escalate this.
Again, I am trying to determine if what TurboTax did is correct (and get an explanation) or whether it's doing something incorrect.
