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Level 1

Why does T-Tax return errors for state tax exclusion amounts on Edward Jones consolidated tax form for exempt-interest dividends in Box 11 of 1099-DIV?

I'm tried entering exempt-interest dividends from an Edward Jones consolidated tax form. Under "Potential State Tax Exclusions from Municipal and US Territory Obligations," the form identified two states with different exclusion amounts, the sum of which do not equal the amount reported in 1099-DIV Box 11. The difference in values creates the following error in TurboTax: "The total amount you entered doesn't equal your reported exempt-interest dividends in Box 11 of your 1099-Div." This is a reoccurring error from previous years. How can this be resolved?
2 Replies
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Level 7

Why does T-Tax return errors for state tax exclusion amounts on Edward Jones consolidated tax form for exempt-interest dividends in Box 11 of 1099-DIV?

mpmorimoto,

 

You can enter the missing part as a separate list entry using the drop-down selection for More Than One State.  IMHO, TurboTax should have been programmed to automatically do that calculation and offer it up for your approval during review.

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Level 1

Why does T-Tax return errors for state tax exclusion amounts on Edward Jones consolidated tax form for exempt-interest dividends in Box 11 of 1099-DIV?

Thanks for the reply! Reporting my Edward Jones (EJ) info on TurboTax (TT) is ALWAYS the bane of my tax season.

 

To clarify the issue:

- EJ consolidated tax form 1098 Box 11 shows value (Z)

- EJ "Potential State Tax Exclusions from Municipal and US Territory Obligations," shows two states (State 1 and State 2) with different exclusion amounts (X, Y respectively)

- Sum of X+Y does not equal Z, which TT rejects as an error and will not let your proceed

 

Resolution

- Entered exclusion amount X for State 1

- Entered exclusion amount (Z-X) for State 2 (Multiple States)

- TT accepts change

 

I'm using a CPA next year.

 

Thanks again for the help!