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vigo2016
New Member

Wrong tax exempt interest

amount on line 8B form 1040 is wrong and double the actual amount
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3 Replies

Wrong tax exempt interest

The value on line 8b is approximately the sum of:

Box 8 on all your 1099-INT forms

Plus

Box 10 on all your 1099-DIV forms

Edit those and see if you double-entered one of the forms, but maybe it's just that you didn't realize it included both of them.

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*
gabelson47
Returning Member

Wrong tax exempt interest

For 2017, the math does seem to be wrong.  I never checked before because the interest was federal and state tax free.  Now that I moved to another state, I did check and noticed that it was off, against me, by thousands of dollars.

Wrong tax exempt interest

if you are doing part-year tax returns, it takes a lot of work and extra go-rounds to understand how to allocate the interest between the two states.  Once you are back to a full year resident, it's easier.

And also, on the followup page that asks about the source of the tax-exempt $$, you are allowed to break out your own resident state's bond tax-exempt amounts for proper exemption of a sub-portion of those $$ from that state's taxes.   TTX handles them all properly once you understand how to do it.
____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*

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