Hello, I am reporting Child's Income through Form 8814 in TurboTax. Total unearned taxable income is >$1,300.
I have one 1099-INT with Box 8 (Tax-exempt interest) of $1900 and Box 13 (Bond premium on tax-exempt bonds) of $800 and I am not sure how to report this.
What do I report as tax-exempt interest? Is it $1900 or $1100? I know it doesn't necessarily matter for my federal return, but this is taxable for me for my state return. This 1099-INT is for an out of state municipal bond.
When I fill in the information for Child's Income as part of TurboTax, I do not know if I should specify the $800 as Amortizable Bond Premium. Maybe I should not, because TurboTax then calculates my tax-exempt interest as $2700 ($1900+$800). Maybe I should ignore the $800 and not enter anywhere?
Thank you very much!!
