I received two 1099-INTs from the same institution for two bank accounts I have with them.
I see several posts (by relatively new members) that one *CAN* combine the amounts into a single entry in TT.
My question is - what is the best thing to do to avoid getting flagged by the IRS - enter as separate or enter as a combined amount?
Thanks!
Since the IRS will receive 2 forms it would be a good practice to report each one separately.
All the IRS cares about is the total ... you are allowed to combine them without issue if you like.
I agree with both of the above responses.
However, I would enter the two 1099-INTs separately only if the return required the preparation of Schedule B.
So long as SCH B isn't required *AND* if the FEIN on both 1099-INTs is the same, you can combine them as a single entry if you like.