Tax exempt interest listed on form 1040 does not agree with that listed on Form-1099

[Chetty]

For tax year 2023, with TurboTax Premier, the tax-exempt interest reported on form 1040-line 2a does not agree with that listed on Form-1099 INT box 8?

[JamesG1]

In TurboTax Online Premier, I reported tax exempt interest that correctly reported on the IRS form 1040 tax return.

What are you seeing?  What version of TurboTax are you using?  Please clarify.

[Chetty]

I am using TurboTax Premier 2023 on a Dell Latitude laptop using Windows 10. The Form 1099-INT shows $7300. and Form 1044 shows $5300.

[Chetty]

Would this difference have anything to do with a bond premium on tax exempt bond?

[ThomasM125 · Accepted solution]

The bond premium on tax exempt bonds entered in box 13 on your Form 1099-INT does reduce the amount listed in box 2(a) on your Form 1040. 

[Edited 2/20/24 at 3:59PM PST] @Chetty

[SteamTrain · Accepted solution]

@Chetty 

Lets try this again....

1)  Box 13 on the form 1099-INT does lower the $$ reported from box 8.....thus going onto line 2a of the form 1040

2)  Box 12 on a 1099-DIV raises the $$ on line 2a of the 1040.

[Chetty]

You are correct in that if I add the tax exempt interest 1099-INT line 8 to the tax exempt dividend interest 1099-DIV line 12 and subtract the bond premium 1099-INT line 13 on tax exempt bond, I get exactly what is reported on line 2a of 1040.  Thank you

[Chetty]

Correct.  Thank you for the help.