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Level 3
posted Feb 5, 2020 2:07:08 PM

The amount shown for the 2018 Interest on 1099-INT does not match what was entered on 2018 Schedule B 1099-INT and what was entered on 1040 line 2b for interest income.

The screen when entering Interest for 2019 shows amount for 2018. 2018 1099-INT interest does not match what was entered on 2018 Schedule B and 2018 1040 line 2b.

0 4 1586
4 Replies
Level 3
Feb 5, 2020 2:44:58 PM

Tax exempt interest not taken into account.

Level 1
Feb 12, 2020 10:18:51 AM

Can you expand on this answer please.  The 2018 1099-INTs totaled far less than the 2018 column in the 2019 TT Interest and Dividends section as I prepare my 2019 taxes.  Where would it have picked up Tax Exempt interest from, if not from 1099-INT?

Expert Alumni
Feb 12, 2020 1:47:10 PM

Sometimes information from the previous year will not populate properly in the information columns in the current year. This can occur when there is a problem with your computer interacting with the TurboTax software. You can try clearing the cache on your computer as follows:

 

https://ttlc.intuit.com/community/troubleshooting/help/how-to-clear-your-cache/00/26135

 

It is best to restart your computer after you do this.

 

Also, it is possible that you changed something after you filed your return last year. 

 

The entry may have been put in wrong in 2018 as well. You should look at your 2018 tax return to verify that the amount is correct.

 

Level 3
Feb 13, 2020 7:39:59 AM

I'll do my best. In the Wages and Income section, Turbotax shows the 2018 totals for 1099-INT, 1099-DIV,...on down the line. An example, numbers have been changed to protect the innocent.... Turbotax shows $4000 for 2018 1099-INT. On my Schedule B for 2018, I had entered interest from various financial institutions 1099-INT and they totaled $2500. So is there a problem? Don't guess so....looked back at the 2018 1040 and there is an entry for $1500 in box 2a (tax exempt interest). I didn't enter it there, it had been picked up from a download from an investment institution I interface with. Tax exempt interest is not entered on Schedule B but must be noted on the 1040. Turbotax apparently combines tax exempt interest and taxable interest and therein lay my confusion.