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Level 2

Solved

Why does TT interest and dividend section on state return show different amounts for total interest and total state bank interest?

Forum|Forum|2 years ago
January 19, 2024
2 replies
0 views

Does it matter if TT shows total state bank interest different amount than total bank interest?

TurboTax Deluxe Online

Best answer by SteamTrain

Expert Reviewed

Yep....depends on the state.

1) A very Few states will not include bank interest from certain in-state banks and/or Credit Unions.

And, if you cashed in any savings bonds at a bank, any $$ in box 3 of a 1099-INT form...those $$ are not included in state bank interest, because the $$ came from the US Govt.

2) If $$ are higher for state...then you might need to check your entries on all your 1099-INT forms...either Bank. Credit Union or Brokerage/Mutual fund forms.

Level 15

Every state has different rules so we need to know the state.

SteamTrainAnswer

Level 15

Expert Reviewed

Yep....depends on the state.

1) A very Few states will not include bank interest from certain in-state banks and/or Credit Unions.

And, if you cashed in any savings bonds at a bank, any $$ in box 3 of a 1099-INT form...those $$ are not included in state bank interest, because the $$ came from the US Govt.

2) If $$ are higher for state...then you might need to check your entries on all your 1099-INT forms...either Bank. Credit Union or Brokerage/Mutual fund forms.

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*