The National Directory of Certified Public Accountants

Ask A CPA - Interest - Itemized Deduction

Should I Not Report The Interest Income That Was Reported On Form 1099-INT, That Was Incorrectly Sent To Me ?

In order to avoid any future problems and to avoid any mismatching reports with the IRS, you should include this amount on IRS Schedule B both as a positive and negative amount. Enter the Form 1099-INT amount on Schedule B, line 1 as income. Enter the same amount as a negative adjustment on Schedule B, line 1 and enter "Nominee Distribution" as the negative adjustment description. Speak to your local CPA if you have any questions about the reporting of this incorrect interest.

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