On Fed 1099-Int Worksheet, Box 3 (US Treas Obligation) = 7,187.50 Adjustments to interest (accrued interest) = 3,259.91. Total 3,927.69. This is a deduction on The Virginia Form 760, line 7 (Subtractions). Amount showing is 3,988. Difference of 60.00 The worksheet for Virginia ADJ/CG, line 4 shows 3,988. I can manually adjust, but there must be a problem in software that is causing this. I filed a case #1512916743 and got a response that case was closed with no explanation. Have a Support ID 1514064240 but phone conversation was dropped in middle of call. No way to get back with individual. I do taxes on desktop. Turbo tax needs better way to report issues and get a response.
..... $60 of accrued interest was assigned to the box 1 $$, so it reduced the amount deducted from box 3 by $60. So the $ transferred to VA for subtraction there, was increased by $60. (and if you hadn't noticed yet...it also improperly reduced your Federal interest income by $60)
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Like I indicated in one of my posts above
.....Put box 3 $$ (&box 12 if any) into it's own 1099-INT and then declare the accrued interest on that 1099-INT
...and the box 1 $$ in it's own 1099-INT
When box 1 and 3 $$ are on the same 1099-INT, the accrued interest is applied proportionally to any existing box 1, 3, & 8 $$....and the proportionate amount applied to box 1 was right at $60.
Yoru accrued interest that you entered the way you did...did not indicate which box $$ it was supposed to be applied to...that's why you have to break out the $$ into their own 1099-INT. Some day, TTX might create multiple lines for the accrued interest, so they can be applied properly to the right box...but it's not there yet
One thing you might need to check....do you have any $$ in boxes 1 or 8 too?
If you do, take your box 3 $$ out of that 1099-INT (together with box 12 too if any) and place those $$ in it's own 1099-INT before reporting the accrued interest related box 3 $$ on that separate 1099-INT.
That might fix it.
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Whenever accrued interest is to be reported....if any combination of $$ on at least two boxes 1,3,&8 exist on a single 1099-INT....the accrued interest must be reported on it's own separate 1099-INT, along with whatever bond-type the accrued interest refers to. 1&11 go together, 3 & 12 go together, 8,9&13 go together.
Another possibility...though we can't see exactly what you reported...
Did you enter a 1099-DIV form, with $60 of box 1a designated as coming from US Govt Bonds. That could add to the amount you are seeing.
1099-Int Worksheet, Box 1 = 136.78 taxable Fed and VA, Box 3 = 7,187.50 taxable Fed only, Adjustments to interest, Box A (accrued interest) 3,259.91.
Va Form 760, Line 7 (subtraction) = 3,988. Same on Schedule ADJ/CG (subtractions line 4). Should be 3,928.
Makes no sense where extra 60 came from. I can manually adjust and move on.
..... $60 of accrued interest was assigned to the box 1 $$, so it reduced the amount deducted from box 3 by $60. So the $ transferred to VA for subtraction there, was increased by $60. (and if you hadn't noticed yet...it also improperly reduced your Federal interest income by $60)
_________________
Like I indicated in one of my posts above
.....Put box 3 $$ (&box 12 if any) into it's own 1099-INT and then declare the accrued interest on that 1099-INT
...and the box 1 $$ in it's own 1099-INT
When box 1 and 3 $$ are on the same 1099-INT, the accrued interest is applied proportionally to any existing box 1, 3, & 8 $$....and the proportionate amount applied to box 1 was right at $60.
Yoru accrued interest that you entered the way you did...did not indicate which box $$ it was supposed to be applied to...that's why you have to break out the $$ into their own 1099-INT. Some day, TTX might create multiple lines for the accrued interest, so they can be applied properly to the right box...but it's not there yet
Thanks for your answer. Looks like Turbo Tax needs to work on there instructions.
Thanks for your explanation as to why the $60 increase was showing up in the VA 760, line 7. Your explanation was what I was looking for as top why it happened. To correct, I took the easy way out by clicking on line 7 which opened up the ADJ/CG schedule. I edited line 4 to the correct amount. VA return is now correct.