https://ttlc.intuit.com/community/taxes/discussion/why-is-the-amount-of-net-tax-empent-interest-on-my-state-return-less-than-the-amount-of-interest-on/01/3651829#M1349422 <P><SPAN>On the Interest Income Worksheet for my state return there is a section titled "Summary of Net Interest after Adjustments". Line 2 in that section is labeled "Net Arkansas tax-exempt interest and US obligations". The amount on that line is $741 less that the total amount of interest shown from US treasury obligations in the Interest Income worksheet. Does anyone know how this "Net tax-exempt interest is calculated"?</SPAN></P><P>&nbsp;</P><P><SPAN>And it is NOT because on bond premium because I do not have any.&nbsp;</SPAN></P> Sun, 13 Apr 2025 14:57:26 GMT leviton11 2025-04-13T14:57:26Z https://ttlc.intuit.com/community/taxes/discussion/why-is-the-amount-of-net-tax-empent-interest-on-my-state-return-less-than-the-amount-of-interest-on/01/3651829#M1349422 <P><SPAN>On the Interest Income Worksheet for my state return there is a section titled "Summary of Net Interest after Adjustments". Line 2 in that section is labeled "Net Arkansas tax-exempt interest and US obligations". The amount on that line is $741 less that the total amount of interest shown from US treasury obligations in the Interest Income worksheet. Does anyone know how this "Net tax-exempt interest is calculated"?</SPAN></P><P>&nbsp;</P><P><SPAN>And it is NOT because on bond premium because I do not have any.&nbsp;</SPAN></P> Sun, 13 Apr 2025 14:57:26 GMT https://ttlc.intuit.com/community/taxes/discussion/why-is-the-amount-of-net-tax-empent-interest-on-my-state-return-less-than-the-amount-of-interest-on/01/3651829#M1349422 leviton11 2025-04-13T14:57:26Z https://ttlc.intuit.com/community/taxes/discussion/re-why-is-the-amount-of-net-tax-empent-interest-on-my-state-return-less-than-the-amount-of-interest/01/3652842#M1349833 <P>any accrued interest adjustments?</P> Sun, 13 Apr 2025 18:50:59 GMT https://ttlc.intuit.com/community/taxes/discussion/re-why-is-the-amount-of-net-tax-empent-interest-on-my-state-return-less-than-the-amount-of-interest/01/3652842#M1349833 baldietax 2025-04-13T18:50:59Z https://ttlc.intuit.com/community/taxes/discussion/re-why-is-the-amount-of-net-tax-empent-interest-on-my-state-return-less-than-the-amount-of-interest/01/3652920#M1349867 <P>Yes. &nbsp;How does that affect things?</P> Sun, 13 Apr 2025 19:04:17 GMT https://ttlc.intuit.com/community/taxes/discussion/re-why-is-the-amount-of-net-tax-empent-interest-on-my-state-return-less-than-the-amount-of-interest/01/3652920#M1349867 leviton11 2025-04-13T19:04:17Z https://ttlc.intuit.com/community/taxes/discussion/re-why-is-the-amount-of-net-tax-empent-interest-on-my-state-return-less-than-the-amount-of-interest/01/3652983#M1349894 <P>same way the premium does, it reduces net interest income reported on your Fed return (under a single 'accrued interest' negative adjustment on your Schedule B) and the corresponding interest adjustments on your state return</P><P>&nbsp;</P><P>beware also if you have 1099-INT with multiple types of income in boxes 1/3/8 and need to make an accrued interest adjustment on any of them, you have to split the 1099-INT up, as you can't specify which box it belongs to, and can only apply one accrued interest adjustment - TT will pro-rata it across all the income on the 1099.</P> Sun, 13 Apr 2025 19:16:01 GMT https://ttlc.intuit.com/community/taxes/discussion/re-why-is-the-amount-of-net-tax-empent-interest-on-my-state-return-less-than-the-amount-of-interest/01/3652983#M1349894 baldietax 2025-04-13T19:16:01Z https://ttlc.intuit.com/community/taxes/discussion/re-why-is-the-amount-of-net-tax-empent-interest-on-my-state-return-less-than-the-amount-of-interest/01/3666821#M1356256 <P>Well I checked my accrued interest , and the numbers did not add up to the difference</P> Wed, 16 Apr 2025 12:45:45 GMT https://ttlc.intuit.com/community/taxes/discussion/re-why-is-the-amount-of-net-tax-empent-interest-on-my-state-return-less-than-the-amount-of-interest/01/3666821#M1356256 leviton11 2025-04-16T12:45:45Z