topic Re: Turbo is calculating Federal tax on my municipal bond int... in Investors & landlords

Do I owe any federal tax on a municipal money market fund?

kobele — Thu, 06 Jun 2019 17:28:10 GMT

Interest you receive on an obligation issued by a state o...

IreneS — Thu, 06 Jun 2019 17:28:11 GMT

Interest you receive on an obligation issued by a state or local government is generally not taxable.

Municipal bond funds provide investors with interest that is exempt from federal income taxes. This income may also be exempt from state and local taxes for investors who reside in the issuing state or locality.

Turbo is calculating Federal tax on my municipal bond int...

imcagcs — Thu, 06 Jun 2019 17:28:13 GMT

Turbo is calculating Federal tax on my municipal bond interest

Re: Turbo is calculating Federal tax on my municipal bond int...

Dehca — Sat, 27 Jun 2020 22:58:49 GMT

I am having the same issue. How do you make Treu tax charge interest on municipal bong funds?

Re: Turbo is calculating Federal tax on my municipal bond int...

SusanY1 — Tue, 30 Jun 2020 20:09:58 GMT

The interest needs to be entered in as "Box 8" interest not Box 1 interest for TurboTax to recognize that it is not taxable.

Delete the current interest entry and when re-entering be sure to select the box or link that indicates ""My form has info in more than just Box 1" to open up those entry areas.

@imcagcs

@Dehca