One of my banks has sent me 3 different 1099-INTs so far. Only one of them correctly lists interest that I earned, and the bank claims they cannot even see the other two. It appears that they do not know how to fix this. I have no doubt that the bogus 1099's did come from the bank. I also therefore assume that the bogus 1099s were sent to the IRS. (The bank was spun off during the period, which is probably the cause of the screwup.)
How do I report the bogus 1009s in Turbotax? My plan was to report them on the 1099-INT form, but also add an adjustment as "other" equal to the full amount of the bogus 1099. Is there a better way to do this? I want to avoid having to submit explanations using mail-in return. Turbotax "review" claims I have low audit risk with a return including this adjustment. The total amount is around $950, not some giant amount.
Thanks.
(tax year 2023)
turbotax deluxe on windows 10.
The only other way is to get the bank to issue a corrected 1099-INT which might require going to the bank and showing them what you got.
Thanks. Well, of course I've done that multiple times, but they are too incompetent to figure it out. They need to issue a "corrected" 1099, which would also include about $10 that they failed to report that they gave me earlier because they miscalculated some interest, which might give you some indication of their competence. But that I can just easily report whether it's on a 1099 or not.
The problem is that it is beyond their intellectual capacity to issue a corrected 1099.