topic Income from US obligations for state tax return in State tax filing

Income from US obligations for state tax return

bobowobo — Tue, 25 Feb 2025 03:16:22 GMT

I had income from US obligations in 2024. Some is from treasuries, and those amounts are helpfully on the 1099s. Some is from agencies, which is not on the 1099s., but I think I know the amounts. Anyway, I finished my federal, started state, and it said that I had income from US obligations in an amount that seems way too high. I added up income from treasuries and agencies, and it's about half of what TT thinks. So either I'm computing wrong, or TT made a mistake.

Re: Income from US obligations for state tax return

ThomasM125 — Tue, 25 Feb 2025 18:29:43 GMT

I suggest you look on your Form 1040, on line 2a and 2b, to see what your interest income is reported as and compare it to your source documents to see if it is OK. If not, you will need to revisit your interest income entries and make adjustments.

To view your form 1040 and schedule 1 to 3:

Choose Tax Tools from your left menu bar in TurboTax Online while working in your program
Choose Tools
Choose View Tax Summary
See the Preview my 1040 option in the left menu bar and click on it
Choose the Back option in the left menu bar when you are done

Re: Income from US obligations for state tax return

bobowobo — Tue, 25 Feb 2025 19:20:24 GMT

The problem is that TurboTax has access to the same information that I have, and we came up with different answers. I don't know which is right.