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tscottwa
New Member

Turbo Tax Premier 2020 Incorrect Transfer of Turbo Tax Premier 2019 1099-INT Data

While working with Turbo Tax Premier 2020, after initially importing our Turbo Tax Premier 2019 file, I noted TT 2020 showing a much larger amount of 1099-INT income for 2019 compared to what I had inputted for 2020.

 

After checking all our paperwork I then pulled up a PDF copy of our 2019 TT tax return and it showed us with $5,500 less of 1099-INT income than the column within Turbo Tax Premier 2020 shows.  I also reinstalled Turbo Tax Premier 2019 and it is showing 1099-INT income $5,500 less than what Turbo Tax Premier 2020 reports for 2019. 

 

Is there some known error in Turbo Tax Premier 2020 importing 2019 data?  Is there a fix for same?

2 Replies
HeatherPLO
Employee TurboTax Specialist

Turbo Tax Premier 2020 Incorrect Transfer of Turbo Tax Premier 2019 1099-INT Data

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SteamTrain
Level 15

Turbo Tax Premier 2020 Incorrect Transfer of Turbo Tax Premier 2019 1099-INT Data

@tscottwa 

 

IF you had any box 11 $$ on a 1099-DIV for 2019, the software adds that to the 2019 1099-INT column in the 2020 software.  It's done that for years...don't know why...but if that is the difference for yours, then it's a yearly display confusion problem, and not a real difference for what was actually submitted from your 2019 taxes.  (....then further confuses the situation by not doing the same thing for the 2020 values...i.e. only showing the 1099-INT value total in the 2020 summary column)

 

It's possible that they get the 2019 values directly from your 2019 form 1040, and not from the underlying document worksheets.   So, since box 8 of the 1099-INT and box 11 of the 1099-DIV forms are added together into one line on the 2019 form 1040...that could be the reason it shows that way.

 

Confusing, but not a huge deal.....other than wasting everyone's time.

*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*
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