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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
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
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