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msthrifty
Level 2

Do I need to do anything about having received a duplicate 1099-INT? Will the interest be reported to the IRS twice by the bank?

I caught and fixed it on my return.  The 1099 INTs are exactly the same - no errors in account number, name etc.
1 Best answer

Accepted Solutions
KrisD15
Expert Alumni

Do I need to do anything about having received a duplicate 1099-INT? Will the interest be reported to the IRS twice by the bank?

First, look closely at the two 1099-INT forms. Did the bank issue two copies, one for your files and one for your tax return(s)? If so, ignore the second copy.

 

Contact the bank and ask if they are reporting the interest twice to the IRS. If they are, and it is in error, ask them to correct that with the IRS. 

 

Lastly, if the Lender reported twice the interest income, and they can't or won't correct that reporting, you can enter just one and be prepared to answer to the IRS

 

OR

 

Enter both forms, then enter a negative amount to subtract the duplicate. 

 

As always, keep copies of all pertinent information with your tax file. 

 

Enter BOTH 1099-INT Forms

 

Type   other reportable income   into the Search Box and click the “Jump to other reportable income” link

-OR-

Click Federal on the left side-bar

Click Wages & Income along the top

Scroll down to the last section Less Common Income and click Show more to open drop-down

Scroll down to last section Miscellaneous Income and click Start

Scroll down to the last section Other reportable income and click Start

Enter the description as “duplicate 1099-INT” and the amount as a negative number (be sure to make it negative)

This negative amount will be entered on line 21 to offset the duplicate 1099-INT

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

1 Reply
KrisD15
Expert Alumni

Do I need to do anything about having received a duplicate 1099-INT? Will the interest be reported to the IRS twice by the bank?

First, look closely at the two 1099-INT forms. Did the bank issue two copies, one for your files and one for your tax return(s)? If so, ignore the second copy.

 

Contact the bank and ask if they are reporting the interest twice to the IRS. If they are, and it is in error, ask them to correct that with the IRS. 

 

Lastly, if the Lender reported twice the interest income, and they can't or won't correct that reporting, you can enter just one and be prepared to answer to the IRS

 

OR

 

Enter both forms, then enter a negative amount to subtract the duplicate. 

 

As always, keep copies of all pertinent information with your tax file. 

 

Enter BOTH 1099-INT Forms

 

Type   other reportable income   into the Search Box and click the “Jump to other reportable income” link

-OR-

Click Federal on the left side-bar

Click Wages & Income along the top

Scroll down to the last section Less Common Income and click Show more to open drop-down

Scroll down to last section Miscellaneous Income and click Start

Scroll down to the last section Other reportable income and click Start

Enter the description as “duplicate 1099-INT” and the amount as a negative number (be sure to make it negative)

This negative amount will be entered on line 21 to offset the duplicate 1099-INT

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

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