Is there backup for the 1040 line 2A Exempt Interest? I have OID, Acquition Premium, Bond Premium, and Accrued Interest and can't match to 1099s

[wlrosenfeld]

The total is off and I can't see how TurboTax came up with it's summary result. Too many 1099s to delete them one at a time.

[MarilynG1]

Yes, there is an 1099-OID Worksheet in your return where you can check the calculations (screenshot).

[wlrosenfeld]

Thanks for the prompt reply.

I have around 30 forms contributing to the total displayed on line 2a and many different entries on each of them (multiple brokers, multiple bonds). OID is only a part. I also have Acquisition Premium, Bond Premium, and Accrued Interest. There is info on Schedule B but I can't see anything that shows how TurboTax puts it all together to get the total.

[MarilynG1]

If you are using TurboTax for Windows, you can right-click on Line 2a and follow the magnifying glass through Data Sources.

Following backward from Line 2a on Form 1040 > Form 1040 Worksheet, Lines 1-6 (middle of page), > Interest and Ordinary Dividends Sch B Worksheet > Form 1099-INT Worksheet. 

[wlrosenfeld]

This doesn't really address my issue. I'm looking for a report that shows the detail which adds up to the amount shown as Line 2A and 2B (Tax Exempt Interest and Taxable Interest). When there are many accounts and individual bonds these are complex calculations involving multiple factors: Interest, Accrued Interest, Bond Premium, OID, Acquisition Premium, and Accrued Market Discount all separated for Simple Interest, Treasuries, and Tax Exempts. There's further complication at the state level where in-state and other-state breakouts are needed.

TurboTax doesn't provide a good way to understand how the totals are built up from all these factors so you can be sure the 1099s are being correctly recorded. Printing the Schedule B form provides the best summary I've found.

I've solved my short term problem but improving in this area would be a useful enhancement.