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Level 2
posted Jun 3, 2019 11:57:29 AM

TurboTax has reported interest income received without a 1099-INT in two places so it's taxed twice. How should this be done to avoid the problem?

I received interest income without 1099-INT. I added it as Miscellaneous Income with a description "Personal Loan Interest". Turbotax included that amount with the interest reported on 1099-INT (not a problem) but also included the total on Schedule 1, Line 21. This results in that income being taxed twice. How should this interest be reported to avoid this?


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1 Best answer
Expert Alumni
Jun 3, 2019 11:57:30 AM

Delete the Miscellaneous Income entry.

To enter interest income (without a 1099-INT):

  1. Open your return (if not already open).
  2. Click on “Take me to my return” if applicable.
  3. Search for "1099-int" in the Search box.
  4. Click on the “Jump to 1099-int” link.
  5. Arrive at the Let's get your 1099-INT or brokerage statement details page.
  6. Enter source of income in the Received from field.
  7. Enter interest income in the Box 1 - Interest income field.

2 Replies
Expert Alumni
Jun 3, 2019 11:57:30 AM

Delete the Miscellaneous Income entry.

To enter interest income (without a 1099-INT):

  1. Open your return (if not already open).
  2. Click on “Take me to my return” if applicable.
  3. Search for "1099-int" in the Search box.
  4. Click on the “Jump to 1099-int” link.
  5. Arrive at the Let's get your 1099-INT or brokerage statement details page.
  6. Enter source of income in the Received from field.
  7. Enter interest income in the Box 1 - Interest income field.

Level 2
Jun 3, 2019 11:57:32 AM

Thanks!