Be aware of a calculation issue in TurboTax.
It affects people who have:
- an interest adjustment (for example, accrued interest) for a
form 1099-INT, and
- have more than one interest category (for example, taxable,
tax-exempt, U.S. obligations).
For details see / and search for "accrued
interest" or go directly to
The adjustments TurboTax puts in Schedule B may surprise you. It sure
surprised me. The Schedule B interest adjustment figures are worth
A work-around of sorts is described in the forum. It involves creating
multiple 1099-INT worksheets for each 1099-INT form; maybe as many as nine
each, though I'm not sure.
Only by accident did I noticed the discrepancy. Otherwise, I would've
reported bogus numbers on Form 1040.
- posted 12 years ago