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

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?

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2 Best answer

Accepted Solutions
ThomasM125
Expert Alumni

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

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

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View solution in original post

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

@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.

 

 

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

View solution in original post

7 Replies
JamesG1
Expert Alumni

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

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.

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

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.

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

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

ThomasM125
Expert Alumni

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

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

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**Mark the post that answers your question by clicking on "Mark as Best Answer"

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

@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.

 

 

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

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

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

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

Correct.  Thank you for the help.

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