Can't clear notification about 1099-INT from the bank that doesn't issue one

[tk94110]

In the left side of the TurboTax Home & Business desktop screen, in the Notifications panel, TT is displaying:

Schedule B -- Form 1099-INT (Xxx Bank): Box 1 or Box 3 or Box 8 should have a value for Xxx Bank. To enter Box 1 or Box 3 or Box 8 in the interview method, return to the place where this was entered to correct the entry. Enter your amounts in either Box 1 or Box 3 or 8

But I haven't earned enough interest from this bank and they didn't issue 1099-INT. If I click the "Fix" button in the Notifications panel, it shows a line of 1099-INT from another bank that I entered manually. The interest was less than half a dollar, and TT might not like that but I still don't understand why TT is showing a different bank name.  I think TT is confused somewhat. How can I clear this error? As far as I can tell, all interests were entered properly. (The less than 0.50 interest was entered on purpose because this is from a foreign bank and on form 8938, I had to report the interest.

[SteamTrain]

Yes...it is probably confused.

The absolute best way to fix it is to NOT do it during the review and error check.  Instead, navigate back to the sections where those #s  were entered in the first place, and fix it there.

You apparently have two things to fix:

1)  The foreign interest.  Go back and remove that interest value entirely.  Any values of 0.49 or less should not be entered since they round to zero and cause problems.  

2)  Then go to the 1099-INT section, and see if that US bank is listed in the 1099-INT table. If it is, then check you December bank statement from that bank.  If they issued interest to you of 50cents or greater, enter that value in box 1 of that 10990INT form.  Otherwise delete it.  Banks don't have to issue 1099-INT forms if they had less than $10 to report, but you still enter a 1099-INT from them in the software if it was 50cents or greater.

(((3)))) After fixing #1, when you go to the 1099-INT section, there may be a 1099-INT from that foreign provider for you to delete.  I'm not sure since I don't know all the things that occur when Foreign assets are entered))))

Then go thru the review and error checks again.

[JES33]

Now it's 2022, almost a year after this question was asked and I am having a similar issue in preparing my 2020 return.  I get this notification:

Schedule B - - Form 1099-INT (Bank Name): Box 1 or Box 3 or Box 8 should have a value for Bank Name. To enter Box 1 or Box 3 or Box 8 in the interview method, return to the place where this was entered to correct the entry.  Enter your amounts in either Box 1 or Box 3 or Box 8. 

There is a value in Box 1 that needs to be reported. I have tried deleting the number and retyping it, deleting the entry entirely and doing it over,  putting zeros in box 3 and 8, and nothing clears the notification.  I have tried doing this the way that was suggested.  It is not coming up as an error but as a notification. Please help.  Thanks.

[BillM223]

It sounds like you have a "ghost" 1099-INT that needs to be deleted.

If you received interest from a US bank, then you don't need to enter a 1099-INT (even if they sent you one). Do this instead, unless you have entries in boxes other than box 1 and the Payer's and the Recipient's information.

*** Desktop***

1. go to View (at the top), choose Forms, and select the 1099-INT. Note the Delete Form button at the bottom of the screen.

2. do this for every 1099-INT that you see.

*** Online ***

1. go to Tax Tools (on the left), and navigate to Tools->Delete a form

2. delete form(s) 1099-INT 

Note, this will delete all the 1099-INTs you have entered, including hopefully the ghost 1099-INT causing the message.

Then do a Search (upper right) for 1099-int and click on the jump-to link (Mac users must look for 1099-int in the Topics List). Tell TurboTax you will type the 1099-INT in yourself, then click on Add Interest (or whatever it says). On the next screen, enter just the name of the bank or other institution. and the dollar amount.

You will have to re-enter each valid 1099-INT or interest amount (since not everyone issues 1099-INTs) that you have.

[SteamTrain]

@JES33   

It does sound like you need to go back to the table of 1099-INT forms to delete an unused 1099-INT form.  It's in the Federal Wages&Income section

__________________________________________________

But if you did get interest from a bank, you do need to make a 1099-INT from that bank if the interest was 50 cents or greater

But......you should tell us what exact value you are Putting into box 1 ?

To clarify some ....

1)  if the value is 49 cents or less, you don't create a 1099-INT at all

2) if the value is 50cents or greater, make one, but if 50-99cents, go ahead and round up to $1.

3)  If greater than $1   put in whatever the value is.

_____________________________________

and yes  perhaps delete the 1099-INT before trying to enter it again.....but do not import, drag-drop a file, or take a picture of the 1099-INT form (if you have one). 

 Enter the entire 1099-INT form manually.

On the first page that asks for a Bank name, don't put one in, instead go to the bottom of the page and hit:  "Change how I enter my form".....on the page that offers you other ways to enter it, go to the bottom of the page and click on "Type it in myself" 

[JES33]

Thanks for this.  I had entered this 1099 manually, but I went ahead and deleted it anyways. The notification was still there. I clicked fix and it brought me to a 1099 for a different bank even though the notification still had the name of the other bank. Then I went ahead and deleted anything that said 1099.  The notification was still there.  Then I created a flag and the notification disappeared.  I deleted the flag and the notification popped up again!  I checked forms and there are no 1099s at all. Why there is a notification for something that is not even there is crazy.  Since this is a "notification" and not an "error," I don't think it will prevent me from filing; however, I sure would like to figure this out.  Thanks.

[SteamTrain]

@JES33   

OK, I've seen things like this in the past, but pretty Rarely.

The fix in those cases (for the Desktop software), but read this whole procedure before starting, in case you decide not to try it.

1) open your tax return and switch to Forms Mode

2) Open the Schedule B.

3) Go to the bottom of the page and hit the "Delete Form" button.

4)  #3 deletes the Schedule B ....and all 1099-INT, 1099-DIV and 1099-OID forms that exist in one step, even hidden/phantom ones.

.....4a) Of course, in Forms Mode, you may see one particular 1099-INT or other form with red ! along side it.  Perhaps just deleting that form will work.

5)  if you proceeded like in #4, get back into the interview, and re-enter each 1099-INT, 1099-DIV you are supposed to have...probably best to put each one in manually...no import, Drag-drops, or pictures. (and 1099-OIDs if you had any)

__________________________________________

For the Online software.....from inside your tax file:

1) go to the left-side menu, and click on "Tax Tools"

2) then click on "Tools"

3) Then from the pop-up menu select "Delete a Form".

4) then from the list of forms you have, delete the main Schedule B   (All attached 1099-INT, -DIV, and -OID will then show as being deleted too, and you have to confirm that you want them deleted) 

5) Then go to the bottom of the Forms list, and hit the "Continue" to return to the tax interview, , and re-enter each 1099-INT, 1099-DIV you are supposed to have...probably best to put each one in manually...no import, Drag-drops, or pictures. (and 1099-OIDs if you had any)

__________________________________________

SO it's up to you if you want to try the above.

[JES33]

First of all, I sincerely appreciate your help, but it didn't work.  I'm using Mac desktop version. I opened forms, schedule B and scrolled to the bottom.  I did not see a delete button so I went into the menu at the top and clicked remove form. The notification message was still there.  I checked forms again and everything had been removed.  Since the message didn't go away, I decided not to keep changes and clicked revert.  It didn't revert.  It kept the new version with all the deletions and the same notification message.  At that point, I decided to start from scratch so I started a new return.  I reentered everything manually (no imports).  I just finished and there are no errors!  Now I am just waiting for a Turbo Tax to update with form 1116 (foreign tax credit) which is supposed to show up on Feb 24th.  I'm keeping my fingers crossed that when I complete form 1116 it won't generate any other problems.  This has been a nightmare.  I have used Turbo Tax for years and nothing dramatic has changed with my situation.  I have had other issues with this year's software which I have been able to resolve after hours of research and workarounds.  I sure hope this isn't a sign of things to come.  Again, many thanks for taking the time to help me. 

[SteamTrain]

Ahhh, a MAC.  Sometimes it helps to indicate which Computer (MAC vs Windows) is being used ....since some of the navigation steps are different.  (though Online vs Desktop software differences are mis-matched worse)

Glad you found a different way thru...annoying though it is to start over.