in Education
I just started a new 2025 return. I have entered information from only one document thus far -- a single 1099-DIV- lines 1a and 1b. When I go to the Income Summary page the amount showing there in the 2025 column is rather different from either of the amounts I entered and it is not equal to the sum of them either. When I click on the amount showing on the Summary page, a pop-up Amount Description box appears and it shows the amount I entered from line 1a only.
This is the only data I have entered in this form so it is not pulling info from some other 1099-DIV or anywhere else. What is going on?
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I should add to my post that I also entered info on line 12. If I add lines 1a and 12 it equals the amount shown in the Summary column. But the Amount Description Box still only equals Box 1a. Is the Amount Description box amount what TT will use to compute taxes?
First of all box 1b is only the portion (or all) of the amount in box 1a that may be eligible for capital gains rates. It is included in box 1a. So it is taxed at a lower rate.
1099-Div Box 12 is tax exempt interest. Even though it is income, it is not taxable. It is not part of box 1a. Only box 1a will show up on 1040 line 3b.
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