High or low?
IF High, then the $$ come from both 1099-INT (box 8 ) and 1099-DIV (box 12) forms...occasionally forms K-1 too.
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IF low (#1), then any $$ in box 13 of any 1099-INT will reduce the amount that ends up on line 2a of the 1040.
IF Low (#2), if you bought a specific Muni bond in 2023, that you paid some accrued interest to the seller...and you entered that during the entry of the 1099-INT...then that also subtracts from the final total .
High or low?
IF High, then the $$ come from both 1099-INT (box 8 ) and 1099-DIV (box 12) forms...occasionally forms K-1 too.
_______
IF low (#1), then any $$ in box 13 of any 1099-INT will reduce the amount that ends up on line 2a of the 1040.
IF Low (#2), if you bought a specific Muni bond in 2023, that you paid some accrued interest to the seller...and you entered that during the entry of the 1099-INT...then that also subtracts from the final total .
Thanks, I learned something new today.
The line 2a is lower than my calculation by $76.00. Checking all my 1099s, I found one value in line 13 of $83.00. Now my calculation is $7.00 lower than that in 2a. No K-1 or obvious interest to the seller.
So I'll assume TurboTax has done the calculation correct at this time. Thanks again for that information.
I too struggled with understanding the tax exempt interest reported on line 2a Form 1040. Using Steam Train's information I was able to arrive at the reported $ on line 2a by subtracting the amounts shown on line 13 of my 1099 Int (Bond Premium on Tax-exempt Bond) from the amounts shown on line 8 of my 1099 Int (Tax-Exempt Interest) Plus the amounts shown on line 12 of my 1099 DIV (Exempt Interest Dividends).