This question relates to a trust return, Form 1041 in TT Business. What is the proper way to enter the number from 1099-INT, "Bond Premium on Tax-exempt bond?"
Extrapolating from a community answer about this topic, but dealing with Form 1040 rather than F-1041, I created a new 1099-INT. However I keep getting an error when it comes to the final review. In the forms view, line 13 is always in red. What is the proper procedure, and also, is the premium amount entered as a positive or negative number? Conceptually, it seems like it ought to be a negative number, unless TT is dealing with this in the background somehow.
You'll need to sign in or create an account to connect with an expert.
On the original Form 1099-INT, enter both Box 8 (tax-exempt interest) and Box 13 (bond premium). On the offset/nominee 1099-INT, enter a negative number only in Box 8. Since the interest is tax-exempt, you may not see a difference in the taxable income for the Trust.
Note that in Forms Mode, if you click the Errors icon above the forms list, a footer will appear below the open form with information about any forms errors (red boxes/fonts).
On the original Form 1099-INT, enter both Box 8 (tax-exempt interest) and Box 13 (bond premium). On the offset/nominee 1099-INT, enter a negative number only in Box 8. Since the interest is tax-exempt, you may not see a difference in the taxable income for the Trust.
Note that in Forms Mode, if you click the Errors icon above the forms list, a footer will appear below the open form with information about any forms errors (red boxes/fonts).
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
malvinchip
New Member
link888888
Level 1
warmbeers
New Member
Tax_Lego
Returning Member
anon30
Level 3
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.