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lisajoy19
New Member

Does anyone else have problem with TT not grabbing all tax exempt interest from 1099?

I have tax-exempt interest on several 1099s.  TT grabbed all the ordinary dividends on all the 1099s, but missed some of the tax-exempt interest on some.  This should not affect my tax liability, but I don't want to get flagged for failing to report income on the form.
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2 Replies

Does anyone else have problem with TT not grabbing all tax exempt interest from 1099?

@lisajoy19 

 

1) any chance some of those forms have box 13 $$ on them?  That gets subtracted.

or

2) Did you buy any bonds during 2022 (either Muni, or Treasury, or Corporate), where you paid the seller the interest that had accrued on those bonds before you bought them?  that subtraction needs to be done carefully, or the accrued interest you paid will get subtracted improperly....(.but you'd need to come back and let us now if this was the case,  before we go thru the extended procedure to do it properly.)

 

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*
lisajoy19
New Member

Does anyone else have problem with TT not grabbing all tax exempt interest from 1099?

Thanks for the reply.  But no, and no.  Not sure what happened.

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