1099-INT Import bug on TurboTax desktop - Windows

[KMan99]

My wife has two different savings accounts in the same online bank, both of which had taxable interest.

One of the savings accounts has only a small amount in it, so the interest income was only $0.12 last year. The other account pays a higher rate, so that other account has the majority of the money in it. 

Both accounts are accessed under the same online account ID and password, so they do not have separate user IDs that one must use to log in.

I tried to import the 1099-INT information, presuming I'd get the total interest paid for both accounts that appears on the 1099-INT form, which is the way it appears on the 1099-INT I downloaded from the bank's website, although, or course, the 1099 shows two separate accounts on the 1099 with box 1 (Interest Income), through box 17 (State Tax Withheld), shown separately for each of the two accounts. 

There is also a summary section that shows the sum total for both accounts which shows boxes 1 through 17. This section is labeled "***Total 1099-Int". This "totals" section appears below both of the independent account sections on the 1099-INT.

The account that only earned $0.12 is the account that is shown first on the 1099-INT I downloaded myself.

When I imported into TurboTax desktop, TT only imported the amount shown in the highest set of boxes, i.e., it imported a total of $0.12 of interest income.

Thanks, but I'd prefer not to get hit with interest and probably IRS penalties for failing to report the true amount of 1099-INT income. Please fix this bug ASAP!!!!!!!!!

[SteamTrain · Accepted solution]

@KMan99 

Just go edit the 1099-INT you did import...and put in the total of both accounts into box 1 (or any other boxes that have non-zero values).

_______
ALLY bank tax imports have the same problem (EVERY YEAR), but only the total interest needs to be entered on one 1099-INT form in the tax software...whatever total was received from the bank.

[KMan99]

KMan,

Thank you, it just so happened to be the 1099 from Ally bank, so you were correct on that, and yes, I did go in and input directly into Turbo Tax from the ***Total line on the Ally 1099.

It might be a formatting problem with Ally 1099s, because they took only the top account's 1099 info into Turbo Tax, it's possible that other 1099's from other banks show the total 1099 first, and Turbo Tax imports it correctly, but it's a little uncomfortable to know that TT didn't import the total amount correctly. Luckily, the first account had only $0.12 of interest, so when I saw $0.12 appear on the TT screen, I knew there was a problem. Had the imported amount been somewhat larger, I might have overlooked the incorrect imported amount.

[donut-guy]

TT still has a bug in their software for 1099-INT downloads.  I had 3 accounts that earned >$10 of interest at Marcus.com (aka Goldman Sachs Bank) in 2024.  TT downloaded 2 of the amounts and DIDN'T DOWNLOAD the largest one.  Apparently TT doesn't care about these errors.  A user that gets hit with IRS penalties should collect from TT.  Sooner or later they will fix it if it costs enough.

[MonikaK1]

It's possible that the accounts missing from your import/download aren't yet available for import into TurboTax.

If your financial institution is a TurboTax 1099 Import Partner, you'll likely be able to import your 1099-INT, 1099-DIV, 1099-OID, 1099-R, 1099-NEC, and 1099-MISC (without entries in boxes 8 or 10) by January 31, 2025. And you'll likely be able to import your 1099-B and 1099-MISC (with entries in boxes 8 or 10) by February 15, 2025. If your brokerage issues a consolidated tax statement with several types of 1099s, which is common, you might not be able to import any of your 1099s until February 15, 2025.

Some of the larger brokerages have more than one name on the list of available import partners.

Check here for updates to the Help Article with this information.

[Styg88]

Yup, same problem here. Importing from National Financial Services -- I have three 1099-INTs but only one gets imported. If I repeat the import process and select only a missing 1099-INT to import, it OVERWRITES the first 1099-INT. I've tried changing the name and payor tax ID# in the first 1099-INT that I import, but when I import a missing one, it still overwrites the first one.

I think the same is happening with 1099-DIVs, since only two of three of my 1099-DIVs has imported. But I'm not going to try to import the missing one, and risk losing the extra information I had to enter for the first two 1099-DIVs.

[LindaS5247]

If your import is not working properly you can enter your Form 1099-INT information manually using the steps below:

1. Open your return
2. In the search Bar enter Form 1099-INT
3. Select "Jump to 1099-INT"
4. It will ask, "Did you have investment income in 2024?" Select "Yes"
5. Select "Continue"
6. Select "Skip Import"
7. You will Select your investment type which is "Interest"
8. You will "Continue"
9. Then you will see the screen "Let's get the info from your 1099-INT"
10. You will type in the information from your Form 1099-INT on that page.

The process is the same for a Form 1099-DIV just switch "INT" for "DIV".

Click here for "How Do  I Import My 1099's"

Click here for How Do I View and Delete Forms in TurboTax Online

Click here for "How to Delete Forms in TurboTax Desktop.

Click here for information on entering a Form 1099-INT.

[Styg88]

Problem is even worse than it seems:  I went to import 1099-INTs from a different financial institution (Wells Fargo), and it deleted one of the 1099-INTs I had previously imported from National Financial Services!

So far it hasn't deleted any 1099-INTs that I entered manually. But with 15-20 1099s (DIVs, INTs, and Bs), it is a chore to keep track of which forms are still there and which might have been deleted after importing another set of forms. This bug really needs to be fixed, as it looks like people have complained about it for years.