My first 1099 INT reads as follows:
Interest Income 17.43
Tax-Exempt Interest 1625.00
Bond Premium 421.86
plus a separate note for:
Accrued Interest 1383.74 which Turbo Tax records in RED as an error.
The entry is correct, I think Turbo Tax just does not know what do with the excess over the Tax-Exempt Interest.
My second 1099 INT reads as follows:
Interest Income 658.73
Tax-Exempt Interest 5178.13
Bond Premium 1114.26
plus a separate note for:
Accrued Interest 3557.49 which Turbo Tax accepts as correct.
However, if Turbo Tax added the two 1099s together, it would get:
Interest Income 676.16
Tax-Exempt Interest
Bond Premium 692.41
plus a separate note for:
Accrued Interest 1873.75 which I think Turbo Tax would accept as correct.
How can we fix this issue?
