topic Error in Turbo Tax in Get your taxes done using TurboTax

Error in Turbo Tax

seattlerust — Wed, 24 Mar 2021 00:19:47 GMT

I have discovered an error in populating tax exempt interest in Line 2a of Form 1040. I need independent confirmation and advice s to how to advise TT.

**bleep**

[email address removed]

Re: Error in Turbo Tax

Mike9241 — Wed, 24 Mar 2021 06:35:41 GMT

describe what you think is the error. otherwise, how can anyone verify it! i had tax-exempt interest income and it was reported correctly on line 2a.

Re: Error in Turbo Tax

seattlerust — Wed, 24 Mar 2021 23:15:32 GMT

I have to retract my earlier statement. There is no error. The differences that I was seeing came from the deduction of Bond Premium and of Acquisition Premium from Exempt Interest, which TT does automatically. I didn't realize that and thought that one had to use the Part of the 1099-INT form that is titled "Adjustments to Interest" to accomplish that reduction of Tax Exempt Interest. Numbers now balance.

Thanks for responding.