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In Turbotax desktop, accrued interest on Schedule B is incorrect. It is correct in 1099-int, but does not flow accurately to schedule b?

Why does accrued interest not flow from 1099-int to Schedule B correctly?
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Accepted Solutions

In Turbotax desktop, accrued interest on Schedule B is incorrect. It is correct in 1099-int, but does not flow accurately to schedule b?

because of a flaw/bug in Turbotax programming that has existed for decades the accrued interest is prorated among the various lines on the 1099-int

you would need to create another 1099-INT where only the interest type affected by the accrued interest is reported along with the accrued interest. you must remove this info from the original1099-int  to avoid doubling up.

 

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2 Replies

In Turbotax desktop, accrued interest on Schedule B is incorrect. It is correct in 1099-int, but does not flow accurately to schedule b?

because of a flaw/bug in Turbotax programming that has existed for decades the accrued interest is prorated among the various lines on the 1099-int

you would need to create another 1099-INT where only the interest type affected by the accrued interest is reported along with the accrued interest. you must remove this info from the original1099-int  to avoid doubling up.

 

In Turbotax desktop, accrued interest on Schedule B is incorrect. It is correct in 1099-int, but does not flow accurately to schedule b?

Thank you.  This fixed the problem.  

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