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Not applicable
posted Jan 31, 2021 4:33:43 AM

Multiple box 1 in 1099-INT but TurboTax imports only the first one

Hi,

The 1099-INT that I received from Marcus and Ally, both have multiple lines with box 1, one for each savings and deposit accounts separated. In past, I just used to add them up and put as a single 1099-INT for each bank. However this time I tried to do a direct import and TT only imported first box 1 value. I am thinking the import is wrong and I am supposed to provide all box 1. Can someone please confirm that,

 

Thanks

1 1 249
1 Replies
Employee Tax Expert
Feb 3, 2021 11:18:22 AM

Yes, all your interest income needs to be reported on your return. You will have to edit your interest income on each entry to reflect the total interest paid. 

 

Please follow these steps in TurboTax to edit your interest income:

  1. Open your return.
  2. Search 1099-INT with the magnifying glass tool at the top of the page.
  3. Click on the Jump to 1099-INT link at the top of the search results.
  4. Click Edit next to the first 1099-INT. 
  5. Change your Box 1 interest income to the total interest income.
  6. Continue until you get back to the 1099-INT summary page and click Edit next to your second 1099-INT.
  7. Change your Box 1 interest income to the total interest income.