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pbpb
Level 1

how to deal with bogus 1099-INT

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.

 

 

 

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2 Replies

how to deal with bogus 1099-INT

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.

 

pbpb
Level 1

how to deal with bogus 1099-INT

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.

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