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New Member
posted Jan 19, 2024 12:00:49 PM

Why does TT interest and dividend section on state return show different amounts for total interest and total state bank interest?

Does it matter if TT shows total state bank interest different amount than total bank interest?

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1 Best answer
Level 15
Jan 19, 2024 1:11:29 PM

Yep....depends on the state.

 

1)  A very Few states will not include bank interest from certain in-state banks and/or Credit Unions.

And, if you cashed in any savings bonds at a bank, any $$ in box 3 of a 1099-INT form...those $$ are not included in state bank interest, because the $$ came from the US Govt.

2)  If $$ are higher for state...then you might need to check your entries on all your 1099-INT forms...either Bank. Credit Union or Brokerage/Mutual fund forms.

2 Replies
Level 15
Jan 19, 2024 12:36:15 PM

Every state has different rules so we need to know the state.

Level 15
Jan 19, 2024 1:11:29 PM

Yep....depends on the state.

 

1)  A very Few states will not include bank interest from certain in-state banks and/or Credit Unions.

And, if you cashed in any savings bonds at a bank, any $$ in box 3 of a 1099-INT form...those $$ are not included in state bank interest, because the $$ came from the US Govt.

2)  If $$ are higher for state...then you might need to check your entries on all your 1099-INT forms...either Bank. Credit Union or Brokerage/Mutual fund forms.