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Level 2
posted Mar 24, 2023 6:46:22 PM

Just a question for clarification. How does the IRS track down my bank accounts' interest when I type in my 1099-INT information manually as opposed to importing? Is just typing "ALLY BANK" into the payer information box really enough for the IRS to use?

Essentially, does the IRS confirm my 1099-INT and the accounts attached to it via my Social Security Number or something? Ally Bank is being difficult with only importing one account's interest from Ally Bank's combined statement. I want to make sure I am not missing some kind of detail if I do it manually. Just the name of the bank? If anyone uses Ally Bank, how do you put in your 1099-INT combined statement usually? Seems like a common issue with Ally Bank from what I read. Apparently, it is too difficult to scan the combined interest on the third page. I'm new at this whole tax filing thing.

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1 Replies
Expert Alumni
Mar 24, 2023 7:03:22 PM

A "normal" 1099-INT has both the payer's TIN (i.e., Ally Bank's tax identification number) and the Recipient's TIN (i.e., your SS number). Thus the IRS computers CAN cross-reference these things if they so choose.

 

If you are having trouble importing a COMBO document, I would enter the interest (1099-INT), dividends and capital gains (both on 1099-DIV) manually, and declare victory and move on..

 

As J.R.R. Tolkien said, "Short cuts make long delays".