Import process of 1099-INT did not add everything into TurboTax

[jpw050]

I have three accounts with Ally Bank.  One is a Money Market Account.  One is an Online Savings Account.  One is a CD Account which matured in 2018.  When I perform the TurboTax import process, only the interest from the Money Market Account and the Online Savings Account is imported.  The interest from the CD Account is not imported.

The paper 1099-INT shows all three accounts and the interest from all three accounts is shown as well as the total interest received from Ally Bank.

I realize I can type the interest into TurboTax and disregard the import process but I am wondering if I am missing something.  Is the interest from the Matured CD Account handled in some different way?  Would that explain why it is not imported?  Perhaps it is only a glitch between TurboTax and Ally Bank.

[SteamTrain · Accepted solution]

I think that is a problem wit the way that ALLY formats their tax import file...they had the same issue last year and apparently did not fix it.

I have a couple more CDs there..and what imports is only what is on the first page that you will see on your physical/paper/PDF copy from ALLY.

Yes, this is going to mess up a lot of folks.  Your choice at this point is to manually add in that last CD as a separate 1099-INT ("I'll type it in  myself") .

...or do what I do every year.....ALLY also has a final "total" 1099-INT that you can see at the end of your actual paper/PDF copy.  Just delete all of the imported ones and put in the final total 1099-INT by itself .

[aQUnpm2]

great thanks! I had the same issue

[TwinsFatherSF]

Thank you for posting. I had the same problem with CDs with Marcus (Goldman Sachs Bank). It only imported the accounts listed on the first page. That is very annoying (and not obvious... I'm glad I noticed).

[dbekkerman]

Sorry for adding fuel to the fire, but since it was an issue for few years and Ally Bank failed to address it with TT and even more, at least in my case, 1099-INT from Ally are not mailed,  how would I have known that I had more than one account to report?

Yes, by accident I have noticed the issue - in addition to the Savings I had with Ally for years, this year I had a CD for a brief time - which matured and I have even forgotten existed. Had I not visited Ally website to download 1099 for backup purposes and opened it as simply of curiosity,  I would never notice the discrepancy.  Had I not notice and correct,  and say have gotten CP22 from IRS a few years later down the road, I wonder who would be responsible for penalties and interest?

I also wonder if Ally reports correct info to IRS as any discrepancies between what I get on paper vs. what electronically submitted as part of the script (which should have the same format as what we get as consumers imported to TT)  ... so does IRS get the interest from my CD or only from the savings? I just don't like the ambiguities ... especially when dealing with IRS

[baijookotharitax]

The importing of 1099-INT is still an issue in 2025. Not sure if Turbotax is ever going to resolve this issue. The issue is not limited to Ally but Marcus bank and any other bank where you might have multiple account from same bank reported on your 1099-INT form. It picks up just the first one and ignores the rest. You have to manually add it all the time else you run the risk of falsely reporting to IRS !!

[MonikaK1]

Did you go to the Form 1099-B section of TurboTax and follow the instructions there for importing? 

If so, and some of the information is missing, you might try deleting the statement and importing again. If that doesn't capture them all, then you may need to enter the missing transactions yourself via the interview.  It's also possible that not all of your brokerage's information documents were included in the import because they are not yet available:

If your financial institution is a TurboTax 1099 Import Partner, you'll likely be able to import your 1099-INT, 1099-DIV, 1099-OID, 1099-R, 1099-NEC, and 1099-MISC (without entries in boxes 8 or 10) by January 31, 2025. And you'll likely be able to import your 1099-B and 1099-MISC (with entries in boxes 8 or 10) by February 15, 2025. If your brokerage issues a consolidated tax statement with several types of 1099s, which is common, you might not be able to import any of your 1099s until February 15, 2025.

Check here for updates to the Help Article with this information. You can also check with Fidelity directly as to whether all of their information documents are available for import.

You have the option to enter the information from Forms 1099-B manually. See this help article for more information.

@baijookotharitax 

[baijookotharitax]

I followed the prompts provided by turbotax online and since I have 1099-INT, I used the 1) direct connect to bank and import forms and 2) upload from your computer 

and both way it skipped the other entries.

If 1099-B is the way to upload the 1099-INT, why is turbotax not suggesting to go the 1099-B section? 

[MonikaK1]

My apologies, I misspoke - I meant to say 1099-INT. TurboTax provides import steps in the step-by-step instructions for different types of information returns (W-2s and 1099s). This help article shows the steps for entering Forms 1099-INT.

If you import from your financial institution, and some of the information is missing, you might try deleting the statement and importing again. If that doesn't capture them all, then you may need to enter the missing transactions yourself via the interview.  It's also possible that not all of your brokerage's information documents were included in the import because they are not yet available:

If your financial institution is a TurboTax 1099 Import Partner, you'll likely be able to import your 1099-INT, 1099-DIV, 1099-OID, 1099-R, 1099-NEC, and 1099-MISC (without entries in boxes 8 or 10) by January 31, 2025. And you'll likely be able to import your 1099-B and 1099-MISC (with entries in boxes 8 or 10) by February 15, 2025. If your brokerage issues a consolidated tax statement with several types of 1099s, which is common, you might not be able to import any of your 1099s until February 15, 2025.

@baijookotharitax 

[baijookotharitax]

@MonikaK1  Thanks for your response but it does not help.

I have been dealing with this 1099-INT issue form import for the past 3 years in Turbotax online. Like I said, I have tried directly importing from Company's site by entering the financial institutions credentials, then I tried downloading from financial institution and then using the "upload" in TurboTax online but both have the issue of missing entries in the form that I clearly see. Like I said in my original post, I have been manually entering and since 1099-INT is very simple, it does not take time but if a person does not know about this issue, you might end up reporting incorrect amount to IRS.

[MonikaK1]

If I understand correctly, you have already entered the information manually and you are familiar with all of the entries needed in your situation.

However, if you wanted to test the import again, you could retry the import after February 15th (when all types of forms are expected to become available for import) to see if it picks up all of the needed entries. You could also check with your brokerage to see if they are aware of any issues with importing data.

[dbekkerman]

i found so many glitches with TT that I can publish a book. Anyone out there claiming TT guarantees refund correctness is fool. Still so many issues year after year go unresolved. Instead, TT added a timer bar line to show how long it would  take to complete the return online: it is as helpful as masking a dump smell with the spray of perfume 

[choll]

I'm having exactly the same problem (importing multiple 1099-INTs from Marcus).  TT only imports the first page.

In addition, TT is saying the 1099-INTs are for me although my wife sets that they are her accounts.  Is there any resolution to this?  Surely TT can parse multiple pages of data.

[baldietax]

At this point if import still isn't working it never will for 2024 filing.  You should just enter the 1099-INT manually, it's usually straightforward (and quicker than all this importing imo) - not sure what TT version you are on but you should see a function to add new investment, "skip this import" and then enter the information.  Unless you have some state requirement for more info on the 1099 all you need is a payer name and Box 1 (or others with amounts) - all the other payer information (address, TIN etc) is not needed for filing.

https://ttlc.intuit.com/turbotax-support/en-us/help-article/import-export-data-files/enter-form-1099...

[baldietax]

oh and just the total for each box you don't need to enter each individual account/CD etc.  Marcus is super annoying that they don't provide this, most banks do the math.