I am trying to understand the Taxable Interest Income amount in Turbo Tax. I entered my 1099 INT interest correctly but my total is less than Turbo Tax

[willou2114]

What Other areas might Turbo Tax be picking up interest income?

[rjs]

Just a guess: Do you have accrued market discount in box 1f of a Form 1099-B or a consolidated brokerage statement? That would be reported as an additional interest entry.

If you are using the desktop TurboTax software, go to forms mode and look at Schedule B to see all of your interest entries. If you are using TurboTax Online you might be able to click on the total interest amount on the income summary screen to get a list of everything that's included.

[willou2114]

Hi,

that was exactly it!  Figured if I uploaded my 1099 TurboTax would have been using all numbers but yes that was the difference.  I also figured out I had accrued interest paid as well that I could back out too so the research and your advice helped save me overpaying on my taxes.  Thank you!