Tax Exempt Interest

[kohut007]

When i add up my Form 1099's for Tax Exempt Interest, the amount does not agree to line 2a on my 1040-SR return.  Cannot find a reconciliation of the amount for line 2a, cannot find a form that shows a reduction in the amounts from the 1099.  The Form 1099's amount is higher than the amount on line 2a.  Befuddled!

[DoninGA]

Tax exempt interest is reported on the Form 1099-INT Line 8.  If you have more than one Form 1099-INT with tax exempt interest you need to create another Form 1099-INT.

Go to Forms mode.  When in Forms mode click on Schedule B to see how the interest is being reported.

[M-MTax · Accepted solution]

However, if you acquired a tax-exempt bond at a premium, only report the net amount of tax-exempt interest on line 2a (that is, the excess of the tax-exempt interest received during the year over the amortized bond premium for the year). Also, if you acquired a tax-exempt OID bond at an acquisition premium, only report the net amount of tax-exempt OID on line 2a (that is, the excess of tax-exempt OID for the year over the amortized acquisition premium for the year). See Pub. 550 for more information about OID, bond premium, and acquisition premium.

[SteamTrain]

Also, Don't forget box 12 on any 1099-DIV form too...that Adds into line 2a of the 1040.

[rjs]

It's not clear whether you are adding up the box 8 amounts on the actual 1099-INT forms, or the amounts in TurboTax. If you are looking at the forms, double-check the entries in TurboTax. See if you made a mistake entering one of the amounts.

If you are using the CD/Download TurboTax software, you can open Schedule B in forms mode to see a list of the amounts that were entered. You can also look at the individual Form 1099-INT Worksheets.

[kohut007]

Thanks for the replies, but I found the problem in overlooking Bond Amortization actually reduced the reported Tax Exempt Interest.  Was looking for a reconciliation form that would be provided by Turbo Tax and when i did not find one i posted the question in haste.  Speaking of going to "View" i always use view and wish TT would provide a selection for that view to come automatically when i open my return.