Should interest classified as tax-exempt (per 1099-INT box 😎 be included in the "Interest on 1099-INT" number shown on the "Your 2024 Income Summary" page (shown on the Federal Taxes tab)? Is there a way to tell how much of that interest is classified by TurboTax as exempt from federal taxes?
Thanks,
Richard
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You are correct, the Income Summary does not reflect what interest is being taxed and what is not. The best way to see how your interest was handled is by looking at your Form 1040, lines 2a and 2b which splits out tax-exempt interest and taxable interest.
If you are using TurboTax Desktop, you can view this as follows:
You can get to your Tax Return in TurboTax Online as follows:
Your left panel (list of forms) will look something like this:
In TurboTax Online it will look like this:
Lines 2a & @b show your taxable interest and tax exempt interest.
Click here for additional information on previewing your tax return.
That's 1099-INT (Box Eight) ...
You are correct, the Income Summary does not reflect what interest is being taxed and what is not. The best way to see how your interest was handled is by looking at your Form 1040, lines 2a and 2b which splits out tax-exempt interest and taxable interest.
If you are using TurboTax Desktop, you can view this as follows:
You can get to your Tax Return in TurboTax Online as follows:
Your left panel (list of forms) will look something like this:
In TurboTax Online it will look like this:
Lines 2a & @b show your taxable interest and tax exempt interest.
Click here for additional information on previewing your tax return.
Thanks - that answers my question. I had another question with regard to tax-exempt interest on California municipal bonds, but I'll post that separately.
Richard
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