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jeffstorm
Returning Member

HELP !! HOW CAN THIS BE !! $89 of 1099-int reduces refund $206 !!

I'm using the free online version of TT Home & Business.

I was almost done with the entire return when I realized I had a 1099-int form that I hadn't entered.

After entering savings account interest of $89 my "FEDERAL REFUND (in progress)" at the top of the screen dropped from $1606 to $1400 !!  How?  Why?  Makes no sense !!

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1 Reply
GiseleD
Expert Alumni

HELP !! HOW CAN THIS BE !! $89 of 1099-int reduces refund $206 !!

Without actually looking at your forms, we cannot definitively diagnose this. However, this little bit of interest may have bumped your income over a threshold where you were partially or completely phased-out of certain credits and deductions. 

 

The best way for you to diagnose this is to look at your 1040 in Forms mode. First, view your 1040 AFTER the 1099-INT is entered. You may even want to take a screenshot. Next, take out the 1099-INT and look at your 1040 again. This will give you a holistic view of what happened. Please don't forget to re-enter your 1099-INT when you are done.

 

Below is guidance on how to get into Forms mode. 

 

To switch to Forms Mode, open your return and click the Forms icon in the upper-right corner of your screen (or choose Forms from the View menu at top).

The 1040 Worksheet will display and all the forms in your return will be listed on the left side. Simply select a form to open it.

To switch back to the interview, click the Step-by-Step icon in the upper right corner, or choose it from the View menu.

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