Result of auto importing 1099-INT is wrong. The bank is Marcus by GoldmanSachs. Auto import only pulls number from one account, while there are multiple accounts.

[boysixone]

The function is buggy. It's dangerous to get customer into trouble if customer is not aware about it

[Anonymous]

I'm having this same exact issue. The 1099-INT import is only pulling the values from the first account I have with Marcus Bank. It isn't even pulling the 2nd account that is on the first page of the 1099-INT or the 20 other accounts I have there.

[JeanneLO]

@Anonymous

You may need to manually enter the data. Please see this for more information: Where do I enter Form 1099-INT?

[SteamTrain]

This has historically been a problem with ALLY bank 1099-INT form imports too.

BUT...you don't need all those imported separately...check the last 1099-INT in the series of forms .  It's likely the grand total of all of them, and that ONE is the one you should enter  (at least that is true for the ALLY 1099-INT forms...may not be the same situation for other issuers ) 

Or perhaps the FIRST one in your 1099-INT series has the "total" listed on it, in that case, just importing that one would be correct.  ( Not sure how many 1099-INT forms TTX will accept anyhow...people have run up against #-of-form limits in the past)

[tta]

There is definitely a bug here. The 1099-INT form from Marcus clearly lists all of my 5 accounts, one after another. Turbotax only uses the amount in the first account listed. I had to MANUALLY fix the data in Turbotax. Many Marcus customers will under-report their interests in Turbotax !!!

[SteamTrain]

I'm sure the can be lots of finger-pointing as to who is at fault.

My "opinion"  is that it would really have to be a problem at the Financial institution's end. The 1099-INT import file that the institution creates, must  follow a clear and specific format.  IF they don't create the 1099-INT import file in the required specific format...then it doesn't fully work properly.

Yes, the specific formatting requirements might not have been sufficiently defined at the TTX end, so I guess it could be at either end.

_________________________

IF you want to get it corrected, you should call Customer Support, so that the agent can file a ticket to get the problem investigated, dn determine wehr the problem lies.  Unless no one calls in, it won't get fixed no matter which end is at fault.  THIS Public users Forum is not actual Customer Support... 

___________________

To get a phone number for CS...you go here:

https://ttlc.intuit.com/community/using-turbotax/help/what-is-the-turbotax-phone-number/00/25632

[Anonymous]

I am in the same boat and posted a question just now (was not able to search this). As mentioned in the thread, imports from both Marcus and Ally are wrong.

What I ended up doing was to enter multiple 1099-INT with Bank name as Ally Bank Account XXXXXXXXX.

Reading on IRS site, it seems if you have multiple accounts at a bank, you should specify the account number with each. See instructions at IRS (click on Account Number on left navigation menu).

Although in past I have just combined them into one. So I believe either way should be fine.

[Click]

Experienced the same problem .. only the first account listed is imported. Marcus issues multiple 1099-INTs in a single document. So you cannot use import in this case. As long as the multiple 1099-INTs are from the same Payer TIN, they can be totaled and entered as one 1099-INT. Marcus does not provide a total for you.

Also, the imported data says FATCA YES which causes the FATCA box on 1099-INT to be checked. The FATCA box is NOT checked on the 1099-INT, so this is incorrect.

[debbieacog]

I had exactly the same two problems mentioned in this thread -
1) TurboTax only imported the first "account" (as Marcus treats savings and CD products as different accounts,
2) the FATCA filing requirement box *when imported* was checked (but it's not checked on the PDF).  TurboTax then repeatedly insisted I owned a foreign bank account no matter how many times I cleared it until I tracked it down to this 1099-INT.  Annoying!

I reached out to Marcus and they said not our problem, let TurboTax know.

Glad to see someone mention posting to this forum does not qualify as letting TurboTax know, and included the link. 🙂  I'll take the next step.

[debbieacog]

Just a post script - TurboTax didn't see a record of anyone reporting this as a bug, but they have a record of it now.

[szehner122]

I called Intuit customer support since this is still happening in 2022.

My import got two entries imported, both savings accounts. But, the multiple CDs interest were not imported.

The representative found that this issue had been reported (sounded like they were reading community entries), but they did not have any Intuit problem number.  They said that the data had to be entered manually. It did not sound like this was being actively worked as a problem by Intuit. 

[tk94110]

I found the same issue. 

I am surprised that TT did not work on fixing this issue given that Marcus/Goldman Sachs isn't an obscure, small bank even though it is not known to everyone.  I suspect many users would just trust TT and wouldn't check them. Actually, I myself wasn't aware this issue until this year, 2021 tax filing. I might have reported the incorrect interest for 2020 tax return.

[Anonymous]

That's ok at this point they don't need to bother fixing it. After two years of this issue not being fixed I'm ok with not buying turbotax ever again. Heck all the other free/cheap web based sites now even let you import previous years pdfs.

[dscob]

It is extremely concerning that both Quicken and TurboTax data transfers are currently broken and they have not worked for a number of days.  I am quickly losing faith in the capabilities of the Information Technology group at Marcus by Goldman Sachs.   

[wp2002]

Even if this is Goldman Sachs side's error, the least that we should expect is that TurboTax shows a warning message about "possible incomplete transfer", instead of a 100% guarantee message for some buggy import function like this.