When I enter tax-exempt interest, it subtracts about $250 from what I enter. The amount shown on the 1040 does not agree with what I entered. It is about $250 less than it should be.
Also, it doesn't enter the correct amount for accrued interest. Again the amount shown on the 1040 does not agree with what I entered. It is around $250 less than it should be.
In order to correct these errors, I have to embellish the amounts I enter into TT. So it's a guessing game as to how much extra I have to enter in order to get the result that is correct. Does anyone have any idea why TT is doing this? I've never seen it do this in any previous year and I've been using TT for decades. Thank you.
When you refer to the 1040 what line specifically does not agree with what you entered? If it is line 2b, you do not need to be concerned.
If Line 2a matches what you entered, then you are good to go. If Line 2a is not agreeing, please provide more details on where you entered the information.