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Level 2

Question

Error in Turbo Tax

2 replies
17 views

I have discovered an error in populating tax exempt interest in Line 2a of Form 1040. I need independent confirmation and advice s to how to advise TT.

**bleep**

[email address removed]

Level 15

describe what you think is the error. otherwise, how can anyone verify it! i had tax-exempt interest income and it was reported correctly on line 2a.

Mike9241

seattlerustAuthor

Level 2

I have to retract my earlier statement. There is no error. The differences that I was seeing came from the deduction of Bond Premium and of Acquisition Premium from Exempt Interest, which TT does automatically. I didn't realize that and thought that one had to use the Part of the 1099-INT form that is titled "Adjustments to Interest" to accomplish that reduction of Tax Exempt Interest. Numbers now balance.

Thanks for responding.