Lacerte is throwing a critical diagnostic (#54770) if the TIN is not entered on a 1099-INT from a bank, when there is Federal tax withheld.
I know that a TIN is required for a seller-financed mortgage, but a bank? Is this a new requirement, or a Lacerte bug? Seems ridiculous for $6 in withheld tax.
I'm on the latest version for TY 2020, version 41.0129.
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@jerry "a 1099-INT from a bank, when there is Federal interest withheld."
I think you mean federal income tax, not federal interest.
If 100 million taxpayers claim $6 of bogus interest, that's a $600 million hit to the Treasury. It's nine digits. Just do it. That's why IRS promotes e-filing; doesn't cost them anything to have tax professionals do their clerical work.
Lacerte has given us a wonderful new tool to hunt down diagnostic numbers. https://proconnect.intuit.com/community/tkb/choosetemplatepage/board-id/diagnostics/search-before-po... Simply enter something like 54770 and VOILA! you have a solution.
There is only one itty bitty problem. ...
Why are you entering as seller financed mortgage? It sounds to me like interest earned on impounds form a bank financed mortgage. Just move entry up one line to where it belongs and you will be good to go.
It was entered as "Bank, S&L, etc" interest, not mortgage interest. Try it. And when I search that site you gave for 54770 I get "No matching diagnostics found"
Bob, you're correct, tax withheld. I corrected my original post.
But the point remains, If this is a new IRS requirement, where is it documented? Entering a 9 digit PIN is a pain. I seem to remember this being required at the beginning of last season, and then Lacerte backed down.