TurboTax Community follow-up post by P.B. Kilzer 6/26/2024
My 3/29/2024 post has had more than 4150 views but no reply from a TurboTax Employee Tax Expert or other TurboTax representative.
Current Remedy: The Montana Department of Revenue has again provided a work-around for the TurboTax reporting error by allowing $800 interest exclusion for me and for my wife ($1,600 total exclusion) and refunding the tax overpayment.
Long-Term Remedy: This TurboTax error in reporting the Montana Senior Interest Income Exclusion will be corrected by Montana tax law changes. These are summarized by the Montana Department of Revenue in the Montana Tax Simplification Resource Hub. Tax Year 2024 brings changes to filing statuses, tax brackets, and the calculation of Montana taxable income. Taxpayers aged 65 and over will receive a $5,500 subtraction from federal taxable income. Among the deductions that are repealed is the partial interest income deduction for taxpayers aged 65 or older.
