Why is the amount determined by TurboTax to be filled in on MD Form 502, line 13 (subtraction amount for US obligations interest) not the same as the amount of interest earned on US obligations as reported on my Form 1099? I am trying to determined why it doesn't match? How is it determined?
Thank you,
CB
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There are a number of subtractions that can be included on line 13 of Form 502, not just income from U.S. government obligations.
Line 13 of Form 502 is populated by the total from line 1 of Form 502SU, Subtractions from Income. You can see in the linked Form 502SU all possible subtractions that might be carried over to line 13 of Form 502.
Thanks for the reply. I know line 13 is an aggregate for many subtraction items, but on my return it reflects only one, the subtraction for US Obligations. In reviewing other questions and replies in this community, I have learned the answer to my question. The incorrect amount is due to TurboTax applying the ABP amount to a combination of line 1 and line 3 interest from my 1099-Int. To fix this, I need to do separate 1099 entries for the line 1 interest and the line 3 interest (US Obligations). Not sure why this isn't fixed by them or spelled out as what needs to be done to accurately prepare a state return.
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