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Why does the Taxable interest income not match what was entered?

Taxable interest total is greater than what was entered
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5 Replies
KeshaH
Employee Tax Expert

Why does the Taxable interest income not match what was entered?

To better assist you can you provide the following information:

 

1. Are you using TurboTax Online or TurboTax Desktop?

2. Are you reviewing the 1040 or looking at the income summary within the program?

3. What amount are you expecting and what amount are you seeing in TurboTax?

4. Do you have interest income reported on forms other than 1099-INT?

 

The answers to these questions can help us better understand what you're experiencing.

Why does the Taxable interest income not match what was entered?

Following are the answers to the questions.

 

1. Are you using TurboTax Online or TurboTax Desktop? Online

2. Are you reviewing the 1040 or looking at the income summary within the program? The income section does not show the same as the summary in the end when you check info and it explains the income categories

3. What amount are you expecting and what amount are you seeing in TurboTax? I entered $6565 in interest income and the summary shows $9493 in Taxable Interest Income.  There is a $2928 difference. 

4. Do you have interest income reported on forms other than 1099-INT?

No

Why does the Taxable interest income not match what was entered?

You can have interest from other places like on a 1099 DIV or a schedule K-1.   Don't understand where you are looking.  You need to look at the actual 1040 tax return line 2b for taxable interest.   Oh did you import any forms or manually enter them?  

Why does the Taxable interest income not match what was entered?

I looked at the income summary and the income breakdown in the 'Check Info' section.  I imported and added manually multiple times with the same result.  

Why does the Taxable interest income not match what was entered?

If you are looking at a summary screen or review screen those show the full amount as income and lump a lot of stuff together. You need to check the actual 1040 form and make sure it's right. Before filing you can preview the 1040 or print the whole return
https://ttlc.intuit.com/community/accessing/help/how-do-i-preview-my-turbotax-online-return-before-f...

 

I would delete the imported forms and enter them again manually.  You sure you didn't manually enter a 1099 that was imported so it got entered twice?  

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