I have a portfolio of tax exempt municipal bonds. I moved the portfolio to a new brokerage firm this year in September. Therefore, I received 1099's from both brokerage firms. Turbo Tax has flagged an error on the 1099's from the firm where I moved the portfolio in September. Specifically, the error is that the amount of tax exempt bond premium exceeds the amount of tax exempt interest. I believe this is simply due to the timing of interest payments during the year. When taken in total, the reporting from the two brokerage firms correctly shows the tax exempt interest and the tax exempt bond premium amounts. The net amount is properly reflected on the 1040, line 2a.
Can I just ignore the error being flagged? Thank you.
