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Level 1
posted Mar 21, 2023 12:41:17 PM

Treasury interest not carrying over to state return

my Treasury interest on 1099-INT box 3 shows up on the Schedule B but doesn't transfer to my Michigan return and I can't override the blank line 10.

0 5 425
5 Replies
Level 15
Mar 21, 2023 1:10:55 PM

Treasury interest is taxed federally but not by the state. 

Level 1
Mar 21, 2023 1:17:52 PM

That is correct.   Line 10 on my state return "Interest earned from Treasuries and when it is populated, it becomes be a reduction to my interest income.  It should have automatically come over from my Federal Return.    Without that, I'm being taxed on all interest including the Treasury interest.

Level 15
Mar 21, 2023 2:02:25 PM

Try deleting the 1099-INT and enter it again. 

New Member
Mar 21, 2023 2:25:44 PM

interest from US Treasury notes and bills are not taxed by states, (though some assets held by US Treasury such as REPO are taxed by states--details would be provided on a 1099-DIV)

Level 15
Mar 21, 2023 2:36:30 PM

@check-debit-date   

Yeah, but in this case, we are talking about box 3 on a 1099-INT.

 

(hopefully @1yellowdrill  doesn't also have $$ in box 12 that equals box 3, and is thus negating all of box 3)