Your MI return has probably been populated with your entries on your federal return. Does your federal return reflect gross interest and dividends of $1.00? If it does, that would likely be the reason why your MI Schedule 1 reflects $1.00 of gross interest and dividends.
We do not know what entries exist on your federal return; however, if you are filing a return reflecting $0 in adjusted gross income, there is guidance from the IRS on how such returns should be prepared. In this regard, the IRS has advised tax preparation service companies that taxpayers filing a return reflecting $0 in adjusted gross income, that such returns should reflect the following entries in order to allow such returns to be e-filed:
(1) $1 as taxable interest on line 2b of the form;
(2) $1 as total income on line 9 of the form; and
(3) $1 as AGI on line 11 of the form.
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