Download from Ally Bank

[larry989]

I tried to download my data from Ally Bank and only got part of the information.  I have a saving account and 20 CD's and in the download I only got the saving account and 1 of the CD's

[mesquitebean]

I believe there has been a known issue with importing a 1099-INT from Ally Bank even in past years.   I don't have a way to test it, but I think it downloads like the first page of a combined statement only and then gets interrupted because of a text page in the statement or something like that.  So it doesn't import anything after that, and specifically doesn't get to the last page which has a summary total of all the interest.

I'm going to see if @ SteamTrain has anything to say on this.  I believe he may have commented on it before in the past.  So you may get another comment in this thread.    Thanks, SteamTrain.

Is this all interest reported on a 1099-INT?   If it was me (and I'm just a fellow user, not a tax expert), I'd probably just manually enter a 1099-INT and show the total of the interest paid from that payer as shown on the summary page at the end.   I don't think you are required to itemize each account.   As long as you show the total interest paid to you by that payer, the IRS computers should be happy.

[Anonymous]

keep it simple. there is no need to have an entry for each item. if you know the total interest income then go to a 1099-int enter ALLY Bank and the total interest - all the IRS really does is compare it's total (from the 1099's it gets)   to your total.      

[SteamTrain]

@mesquitebean   @larry989 

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Yep, it's a multi-year problem with importing 1099-INT forms from ALLY...just as described , only the first page with the two accounts will download.  Whether that is TTX's problem or ALLY's problem is up for debate and opinion.

But for my MMarket, and several CD's at ALLY, I just enter the final total as one 1099-INT from ALLY, and I don't do the import at all anymore. 

Certainly ALLY wants to provide you info at the end of the year as to how much interest came from each CD...but... There's no particular reason why ALLY should be providing the whole lot as a tax import file in the first place.  My opinion is that it is likely a problem at ALLY's end, and that ALLY needs to get a team together and decide how they are going to do it in the future....and fix it.  Having so many separate 1099-INT forms is a bit ridiculous, at least for the software's tax import file itself...(again, opinion, and I'm not a programmer either)