3619577
Is there a way to see how TurboTax computes the entry for California Schedule CA, line 2, column B Taxable Interest Subtraction? In my case it seems to come exclusively from the Interest and Dividend Adjustments Worksheet line 1, Bonds or obligations of the United States or any of its territories. I expected this to come from form(s) 1099-INT, Box 3 (Interest on Treasury obligations), less Accrued (Treasury) interest paid, less (maybe) Treasury bond premium reported to me, but I can’t make the numbers add up; TurboTax seems to be giving me a larger subtraction than I deserve.
Thanks, DW
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You can see the worksheet with calculation by printing (paper or pdf). If you are using TurboTax Online, you can print your tax returns without filing. If you want to review your return you will need to pay for TurboTax and then you will be able to print your entire return or specific forms/schedules prior to filing. You will still be able to make changes prior to filing. Follow these steps to print a preliminary copy of our return in TuboTax Online:
Note, you must pay by credit card in order print or preview your preliminary return. You will not be able to pay using your federal tax return.
Thanks DavidD66. Though unable to locate details of the CA state subtraction for Treasury interest in the return PDF, I now believe that in my case the subtraction is calculated from one 1099-INT as Treasury Interest (box 3) less Treasury Bond Premium (box 12) less Accrued Treasury Interest. Unfortunately, TurboTax seems to be splitting the Accrued Interest proportionally between Treasury (box 3) and non-Treasury (box 1) interest even though all Accrued Interest on this 1099-INT is actually Accrued Treasury Interest. How can I get TurboTax to treat all Accrued Interest on this 1099-INT as Treasury interest?
Thanks, DW (desktop TurboTax Deluxe)
TurboTax seems to be automatically dividing the interest that has accrued into Treasury and non-Treasury interest. This is even though all of it should be classified as Treasury interest in your case. To correct this, you may need to manually adjust the taxable amount in TurboTax.
Based on guidance from TurboTax users, you can try the following steps:
This should help TurboTax correctly allocate the accrued interest.
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