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I'm using the Premier software. I have a K-1 and the accountants notes say that "Interest from US Government bond obligations, minus any expenses deducted on the federal return that are attributable to this income" should be reported on Minnesota form M1M line 18. This is a subtraction from income on the state form. Where do I enter this information so it shows up on form M1M line 18?
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Enter the K-1 exactly as you received it. Then, check Form M1M line 18 to verify that the information posted. It will automatically be subtracted on the Minnesota return.
As you are going through the Minnesota interview, there will not be anywhere to adjust. But, note on the Adjustments Summary, you will see the exact amount from US Bond obligation listed as one of the Subtractions.
I have U.S. bond interest from a mutual fund. Easy Step doesn't seem to ask about this, although it should (and has in previous years, I think). I tried to enter the number on Form M1M, but the program doesn't allow this. How do I enter the US bond interest, which is excludable?
When you enter mutual fund dividends which include U.S. government interest, there is a "Tell us if any of these uncommon situations apply to you" screen immediately following the screen with the 1099-DIV "boxes". Check the box for "A portion of these dividends is U.S. Government interest". The next screen will give you a box to enter the U.S. Government interest, which TurboTax then treats as nontaxable for state purposes.
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