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Retirement tax questions
AND be careful about what year taxes you are referring to. Much of that older post refers to previous year tax forms, where the line numbering is different.
For 2023 1099-INT forms, premiums listed in box 11 refer only to a subtraction from box 1 $$.
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1) If you have box 8 tax-exempt income (on a 1099-INT), the premium subtractions for those bonds are shown in box 13, and not in box 11.
AND
2) if you did buy corporate bonds, or US treasuries in 2023, for which you might have paid out accrued interest to the seller of the bonds...then you might need to break up the 1099-INT into separate 1099-INT forms, since TTX does not cleanly handle the accrued interest (you paid to the seller).
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...i.e. for any bond types you bought in 2023, that you paid accrued interest to the seller,,,,you need to break out the $$ form that bond type into its own 1099-INT. Thus, when buying corporate bonds with accrued interest, you'd create a separate 1099-INT (as-if from the same brokerage)...and report all of box 1, 11, and the accrued interest you paid-out on those corporate bonds, on that separate 1099-INT . If you don't do that, TTX won't break out the accrued interest, and apply it as a subtraction to the proper bond type.
Same thing goes if you bought any US treasuries, or tax-exempt Muni's in any tax year...the box 2, 12, and accrued interest paid out on Treasuries, or the box 8, 13, and accrued interest paid out on Munis, when you bought them, each needs to go on a separate 1099-INT.
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Some year TTX might improve the software to start allowing us to assign accrued interest paid, to the proper bond type, when buying various bond types, on the follow-up page where it's entered...but so far, they have not done so.